REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
FOR |
SAIKO KITCHEN LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2021 |
FOR |
SAIKO KITCHEN LTD |
SAIKO KITCHEN LTD (REGISTERED NUMBER: SC483701) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 August 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SAIKO KITCHEN LTD |
COMPANY INFORMATION |
for the year ended 31 August 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors and Accountants |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
SAIKO KITCHEN LTD (REGISTERED NUMBER: SC483701) |
BALANCE SHEET |
31 August 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges her 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. |
SAIKO KITCHEN LTD (REGISTERED NUMBER: SC483701) |
BALANCE SHEET - continued |
31 August 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SAIKO KITCHEN LTD (REGISTERED NUMBER: SC483701) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 August 2021 |
1. | STATUTORY INFORMATION |
Saiko Kitchen Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
At 31 August 2021, current liabilities exceeded current assets by £96,570 (2020 - £87,823). The company relies on the continued support of the director to finance its short term working capital requirements. |
TURNOVER |
Turnover represents restaurant sales, excluding value added tax. |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Website are amortised evenly over their estimated useful life of three years. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets at the following rates: |
Plant and machinery - 25% straight line |
Fixtures and fittings - 25% straight line |
The rates are calculated to write off the cost, less estimated residual value, of each asset on a systematic basis. The carrying values of tangible fixed assets are reviewed for impairment on an annual basis. |
SAIKO KITCHEN LTD (REGISTERED NUMBER: SC483701) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2021 |
2. | ACCOUNTING POLICIES - continued |
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 and loans to related parties. |
Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SAIKO KITCHEN LTD (REGISTERED NUMBER: SC483701) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2021 |
4. | INTANGIBLE FIXED ASSETS |
Website |
£ |
COST |
At 1 September 2020 |
and 31 August 2021 |
AMORTISATION |
At 1 September 2020 |
and 31 August 2021 |
NET BOOK VALUE |
At 31 August 2021 |
At 31 August 2020 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 September 2020 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2021 |
DEPRECIATION |
At 1 September 2020 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2021 |
NET BOOK VALUE |
At 31 August 2021 |
At 31 August 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
SAIKO KITCHEN LTD (REGISTERED NUMBER: SC483701) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
9. | RELATED PARTY DISCLOSURES |
Included within 'Other creditors' is an amount of £102,001 (2020 - £102,442) due to the director from the company. The loan is interest free and has no fixed term of repayment. |