14 false false false false false false false false false true false false false false false false No description of principal activity 2020-09-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03783270 2020-09-01 2021-08-31 03783270 2021-08-31 03783270 2020-08-31 03783270 2019-09-01 2020-08-31 03783270 2020-08-31 03783270 core:PlantMachinery 2020-09-01 2021-08-31 03783270 core:FurnitureFittings 2020-09-01 2021-08-31 03783270 core:MotorVehicles 2020-09-01 2021-08-31 03783270 bus:Director1 2020-09-01 2021-08-31 03783270 core:PlantMachinery 2020-08-31 03783270 core:FurnitureFittings 2020-08-31 03783270 core:MotorVehicles 2020-08-31 03783270 core:PlantMachinery 2021-08-31 03783270 core:FurnitureFittings 2021-08-31 03783270 core:MotorVehicles 2021-08-31 03783270 core:WithinOneYear 2021-08-31 03783270 core:WithinOneYear 2020-08-31 03783270 core:AfterOneYear 2021-08-31 03783270 core:ShareCapital 2021-08-31 03783270 core:ShareCapital 2020-08-31 03783270 core:RetainedEarningsAccumulatedLosses 2021-08-31 03783270 core:RetainedEarningsAccumulatedLosses 2020-08-31 03783270 core:PlantMachinery 2020-08-31 03783270 core:FurnitureFittings 2020-08-31 03783270 core:MotorVehicles 2020-08-31 03783270 bus:Director1 2020-08-31 03783270 bus:Director1 2021-08-31 03783270 bus:Director1 2019-08-31 03783270 bus:Director1 2020-08-31 03783270 bus:Director1 2019-09-01 2020-08-31 03783270 bus:SmallEntities 2020-09-01 2021-08-31 03783270 bus:AuditExemptWithAccountantsReport 2020-09-01 2021-08-31 03783270 bus:FullAccounts 2020-09-01 2021-08-31 03783270 bus:SmallCompaniesRegimeForAccounts 2020-09-01 2021-08-31 03783270 bus:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31
COMPANY REGISTRATION NUMBER: 03783270
Terranova Restaurants Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2021
Terranova Restaurants Limited
Statement of Financial Position
31 August 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
7,533
6,828
Current assets
Stocks
3,500
5,000
Debtors
6
5,529
4,159
Cash at bank and in hand
219,867
153,137
---------
---------
228,896
162,296
Creditors: amounts falling due within one year
7
82,717
105,115
---------
---------
Net current assets
146,179
57,181
---------
--------
Total assets less current liabilities
153,712
64,009
Creditors: amounts falling due after more than one year
8
7,577
---------
--------
Net assets
146,135
64,009
---------
--------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
46,135
( 35,991)
---------
---------
Shareholders funds
146,135
64,009
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Terranova Restaurants Limited
Statement of Financial Position (continued)
31 August 2021
These financial statements were approved by the board of directors and authorised for issue on 10 August 2022 , and are signed on behalf of the board by:
V Terranova
Director
Company registration number: 03783270
Terranova Restaurants Limited
Notes to the Financial Statements
Year ended 31 August 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hyde House, The Hyde, Edware Road, London, NW9 6LA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for food and services supplied, stated net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2020: 14 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2020
1,472
10,296
14,500
26,268
Additions
3,375
266
3,641
Disposals
( 4,200)
( 4,200)
-------
--------
--------
--------
At 31 August 2021
4,847
6,362
14,500
25,709
-------
--------
--------
--------
Depreciation
At 1 September 2020
408
5,144
13,888
19,440
Charge for the year
666
582
153
1,401
Disposals
( 2,665)
( 2,665)
-------
--------
--------
--------
At 31 August 2021
1,074
3,061
14,041
18,176
-------
--------
--------
--------
Carrying amount
At 31 August 2021
3,773
3,301
459
7,533
-------
--------
--------
--------
At 31 August 2020
1,064
5,152
612
6,828
-------
--------
--------
--------
6. Debtors
2021
2020
£
£
Trade debtors
187
Other debtors
5,342
4,159
-------
-------
5,529
4,159
-------
-------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
13,104
52,700
Trade creditors
3,312
2,391
Corporation tax
22,143
4,441
Social security and other taxes
4,611
6,064
Other creditors
39,547
39,519
--------
---------
82,717
105,115
--------
---------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
7,577
-------
----
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
V Terranova
( 7,423)
( 16,156)
( 23,579)
-------
--------
--------
2020
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
V Terranova
( 7,685)
262
( 7,423)
-------
----
-------
10. Related party transactions
During the year V Terranova received a dividend, in his capacity as shareholder, totalling £10,000 (2020: £10,000)