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Registered number: 5168317
BOISDALE OF MAYFAIR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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BOISDALE OF MAYFAIR LIMITED
REGISTERED NUMBER: 5168317
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 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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Provisions for liabilities
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BOISDALE OF MAYFAIR LIMITED
REGISTERED NUMBER: 5168317
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2022
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
Boisdale of Mayfair Limited is a private limited company (registered number: 05168317) incorporated and domiciled in England and Wales. The address of the registered office is 15 Eccleston Street, London SW1W 9LX and its principal place of business is 12 North Row, Mayfair, London W1K 7DF.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
In preparing the financial statements, the Directors have made an assessment of the entity's ability to continue as a going concern.
Covid-19 and the resulting restrictions in 2020 caused the restaurant to be unable to trade and it has not reopened since. The bank exercised their break clause on the bank loan to the company. The parent company (Boisdale Ltd) paid off part of this loan and the bank agreed to reassign the balance to Boisdale Ltd.
On 23 February 2023 Boisdale of Mayfair Ltd sold the lease for its resturant site. Since then discussions with creditors have been ongoing to settle debts in light of the available cash in the business.
The directors intend to liquidate this entity in due course. For this reason, the Directors have concluded that the company is not a going concern and these financial statements have been prepared on this basis.
Revenue is measured at the fair value of consideration received and is mainly derived from bar and kitchen sales, after deducting discounts and value added tax. The revenue is recognised at the point of sale. Revenue is also generated from the provision of entertainment to customers. This revenue is recognised as the fair value of the consideration receivable when the service is provided.
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 provided on the following basis:
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Short-term leasehold property
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Over the life of the lease
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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2.Accounting policies (continued)
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Impairment of fixed assets
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Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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 weighted average basis.
At each reporting 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.
Short term debtors are measured at transaction price, 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.
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, and amounts owed to/from
group entities.
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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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2.Accounting policies (continued)
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs that the grants compensates are incurred. The company received grants of this nature in relation to the Coronavirus Job Retention Scheme (CJRS). Grants received as compensation for losses/expenses incurred and for the purpose of giving immediate financial support are recognised in the period they become receivable.
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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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The average monthly number of employees, including directors, during the year was 2 (2021 - 6).
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Charge for the year on owned assets
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The fixed assets were reviewed for impairment in the year as there were indicators of impairment present. Management concluded that the the fair value of all the assets was £181k based on multiple offers to buy the lease and expected selling costs.
This value was higher than the net book value of the assets after the depreciation charge for the year. As all fixed assets were impaired in the 2020 accounts, £9,860 of this impairment has been reversed to reflect the accurate net book value.
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Raw materials and consumables
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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are interest free and repayable on demand.
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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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 2-5 years
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Amounts falling due after more than 5 years
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Bank loans
The bank loans as at 30 April 2022 were secured over the leasehold property, 12 North Road, Mayfair, London W1K 7DF and a debenture given by the company and Boisdale Limited, the immediate parent undertaking. There was also a cross guarantee from Boisdale Limited. Interest payable on the bank loan was 2.85% + Bank of England base rate.
The facility was due for full repayment in November 2026 however in October 2021, the break clause on the facility that is in place for the loan was exercised by Metro Bank and the loan was repaid in full by Boisdale Limited in March 2022.
Other loans
Other loans are interest free and are due for repayment when the company has sufficient liquidity to enable the repayment of loans. These are unsecured.
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Charged to profit or loss
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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
10.Deferred taxation (continued)
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The deferred taxation balance is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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The Company operates 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 £804 (2021: £2,153). Contributions totalling £nil (2021: £411) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 30 April 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The following changes in lease payments arising from rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised as a reduction in expense in profit or loss.
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Changes in lease payments arising from COVID-19 related rent concessions
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Post balance sheet events
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On 23 February 2023 Boisdale of Mayfair Ltd sold the lease for its resturant site for £260,000.
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BOISDALE OF MAYFAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
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Ultimate parent undertaking and controlling party
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The ultimate parent undertaking is Boisdale Limited, a company registered in England and Wales. The directors do not consider there to be an ultimate controlling party. The consolidated accounts of Boisdale Limited are available to the public and may be obtained from its registered office address:15 Eccleston Street, London SW1W 9LX.
The auditors' report on the financial statements for the year ended 30 April 2022 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
Emphasis of matter - basis other than going concern
We draw attention to note 2.2 of the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter.
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The audit report was signed on 27 April 2023 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.
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