REGISTERED NUMBER: |
RESTAURANTONE20 LIMITED |
Unaudited Financial Statements |
for the Period 12 April 2021 to 31 December 2021 |
REGISTERED NUMBER: |
RESTAURANTONE20 LIMITED |
Unaudited Financial Statements |
for the Period 12 April 2021 to 31 December 2021 |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Contents of the Financial Statements |
for the period 12 April 2021 to 31 December 2021 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 9 |
RESTAURANTONE20 LIMITED |
Company Information |
for the period 12 April 2021 to 31 December 2021 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
5-6 Greenfield Crescent |
Edgbaston |
Birmingham |
West Midlands |
B15 3BE |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
RestaurantOne20 Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RestaurantOne20 Limited for the period ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of RestaurantOne20 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of RestaurantOne20 Limited and state those matters that we have agreed to state to the Board of Directors of RestaurantOne20 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RestaurantOne20 Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that RestaurantOne20 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 RestaurantOne20 Limited. You consider that RestaurantOne20 Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of RestaurantOne20 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
5-6 Greenfield Crescent |
Edgbaston |
Birmingham |
West Midlands |
B15 3BE |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Balance Sheet |
31 December 2021 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
10 |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Balance Sheet - continued |
31 December 2021 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Notes to the Financial Statements |
for the period 12 April 2021 to 31 December 2021 |
1. | Statutory information |
RestaurantOne20 Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Franchise rights & fees |
Franchise rights being the amounts paid on acquisition of restaurants are being written off evenly over the terms of the franchise agreements or, in the case of restaurants acquired mid term, written off over 20 years. The 20 year write off period for any restaurants purchased mid term is on the basis that, on expiry of the existing 20 year franchise agreements, the company will be granted further 20 year franchises. The franchisor operates a formal "new term process" which sets out requirements for granting of a new term and the director does not anticipate any difficulty in meeting these requirements. |
Tangible fixed assets |
Restaurant equipment | - |
Government grants |
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. |
Grants are recognised using the accrual model. |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Notes to the Financial Statements - continued |
for the period 12 April 2021 to 31 December 2021 |
2. | Accounting policies - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date. |
3. | Employees and directors |
The average number of employees during the period was |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Notes to the Financial Statements - continued |
for the period 12 April 2021 to 31 December 2021 |
4. | Intangible fixed assets |
Franchise | Franchise |
rights | fees | Totals |
£ | £ | £ |
Cost |
Additions |
At 31 December 2021 |
Amortisation |
Amortisation for period |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
5. | Tangible fixed assets |
Short | Restaurant | Computer |
leasehold | equipment | equipment | Totals |
£ | £ | £ | £ |
Cost |
Additions |
At 31 December 2021 |
Depreciation |
Charge for period |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
6. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
Additions |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
Fixed asset investments consists of 2,500 ordinary shares of £1 each in Fries Holding Company Limited, a company registered in Guernsey. The investments are included in the accounts at cost. |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Notes to the Financial Statements - continued |
for the period 12 April 2021 to 31 December 2021 |
7. | Stocks |
£ |
Food |
Paper |
Non-product | 4,458 |
Stock recognised in cost of sales during the year as an expense was £1,477,551. |
8. | Debtors: amounts falling due within one year |
£ |
Other debtors |
Prepayments |
9. | Creditors: amounts falling due within one year |
£ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 116,080 |
Other creditors |
Directors' current accounts | 344,002 |
Accrued expenses |
10. | Creditors: amounts falling due after more than one year |
£ |
Bank loans (see note 11) |
Directors' loan accounts | 2,000,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 117,933 |
RESTAURANTONE20 LIMITED (REGISTERED NUMBER: 13327529) |
Notes to the Financial Statements - continued |
for the period 12 April 2021 to 31 December 2021 |
11. | Loans |
An analysis of the maturity of loans is given below: |
£ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 117,933 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary A | £1 | 75 |
Ordinary B | £1 | 25 |
100 |