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Company registration number: 07917964
EASTERN STAR RESTAURANT LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2022
EASTERN STAR RESTAURANT LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
EASTERN STAR RESTAURANT LIMITED
Directors report
Year ended 31 May 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2022.
Directors
The directors who served the company during the year were as follows:
Mrs A Wong
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 08 August 2022 and signed on behalf of the board by:
Mrs A Wong
Director
EASTERN STAR RESTAURANT LIMITED
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Eastern Star Restaurant Limited
Year ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Eastern Star Restaurant Limited for the year ended 31 May 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Eastern Star Restaurant Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Eastern Star Restaurant Limited and state those matters that we have agreed to state to the board of directors of Eastern Star Restaurant Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Eastern Star Restaurant Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Eastern Star Restaurant Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Eastern Star Restaurant Limited. You consider that Eastern Star Restaurant Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Eastern Star Restaurant Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Robert Pola
Chartered Accountant
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
8 August 2022
EASTERN STAR RESTAURANT LIMITED
Statement of financial position
31 May 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 176,203 76,108
_______ _______
176,203 76,108
Current assets
Stocks 3,500 3,500
Debtors 6 7,007 26,015
Cash at bank and in hand 27,340 24,637
_______ _______
37,847 54,152
Creditors: amounts falling due
within one year 7 ( 109,621) ( 56,786)
_______ _______
Net current liabilities ( 71,774) ( 2,634)
_______ _______
Total assets less current liabilities 104,429 73,474
Creditors: amounts falling due
after more than one year 8 ( 67,476) -
_______ _______
Net assets 36,953 73,474
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 36,853 73,374
_______ _______
Shareholders funds 36,953 73,474
_______ _______
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 August 2022 , and are signed on behalf of the board by:
Mrs A Wong
Director
Company registration number: 07917964
EASTERN STAR RESTAURANT LIMITED
Notes to the financial statements
Year ended 31 May 2022
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
3. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2022 2021
£ £
Impairment of tangible assets 10,309 11,562
_______ _______
4. Tax on profit
Major components of tax expense
2022 2021
£ £
Current tax:
UK current tax expense 24,742 37,264
_______ _______
Tax on profit 24,742 37,264
_______ _______
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Leasehold property improvements Total
£ £ £ £ £
Cost
At 1 June 2021 118,463 7,969 2,100 51,994 180,526
Additions - - 110,404 - 110,404
_______ _______ _______ _______ _______
At 31 May 2022 118,463 7,969 112,504 51,994 290,930
_______ _______ _______ _______ _______
Depreciation
At 1 June 2021 75,447 3,744 1,689 23,538 104,418
Charge for the year 6,452 634 103 3,120 10,309
_______ _______ _______ _______ _______
At 31 May 2022 81,899 4,378 1,792 26,658 114,727
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2022 36,564 3,591 110,712 25,336 176,203
_______ _______ _______ _______ _______
At 31 May 2021 43,016 4,225 411 28,456 76,108
_______ _______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 3,850 17,345
Other debtors 3,157 8,670
_______ _______
7,007 26,015
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 20,845 13,028
Amounts owed to group undertakings 28,726 -
Corporation tax 24,742 37,263
Social security and other taxes 26,451 3,466
Other creditors 8,857 3,029
_______ _______
109,621 56,786
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 67,476 -
_______ _______
9. Called up share capital
Authorised share capital
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______