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COMPANY REGISTRATION NUMBER: 10289165
ETCH RESTAURANTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
ETCH RESTAURANTS LTD
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
585,206
178,213
Current assets
Stocks
14,980
7,975
Debtors
6
86,956
127,821
Cash at bank and in hand
57,929
58,792
----------
----------
159,865
194,588
Creditors: amounts falling due within one year
7
159,740
120,256
----------
----------
Net current assets
125
74,332
----------
----------
Total assets less current liabilities
585,331
252,545
Creditors: amounts falling due after more than one year
8
148,686
44,896
Provisions
Taxation including deferred tax
18,637
2,382
----------
----------
Net assets
418,008
205,267
----------
----------
Capital and reserves
Called up share capital
333
182
Share premium account
499,774
249,918
Profit and loss account
( 82,099)
( 44,833)
----------
----------
Shareholders funds
418,008
205,267
----------
----------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 .
ETCH RESTAURANTS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 30 August 2022 , and are signed on behalf of the board by:
Mr S J Edwards
Director
Company registration number: 10289165
ETCH RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 168 Church Road, Hove, East Sussex, BN3 2DL.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the restaurant industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern. The company may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and 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.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold Improvement
-
4% straight line
Plant & equipment
-
25% reducing balance
Fixture & fittings and equipment
-
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: 1 ).
5. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2021
206,396
41,503
25,390
273,289
Additions
331,782
7,715
96,686
436,183
----------
---------
----------
----------
At 31 December 2021
538,178
49,218
122,076
709,472
----------
---------
----------
----------
Depreciation
At 1 January 2021
40,720
30,214
24,142
95,076
Charge for the year
13,036
6,350
9,804
29,190
----------
---------
----------
----------
At 31 December 2021
53,756
36,564
33,946
124,266
----------
---------
----------
----------
Carrying amount
At 31 December 2021
484,422
12,654
88,130
585,206
----------
---------
----------
----------
At 31 December 2020
165,676
11,289
1,248
178,213
----------
---------
----------
----------
6. Debtors
2021
2020
£
£
Trade debtors
3,897
10,636
Amounts owed by group undertakings and undertakings in which the company has a participating interest
61,987
108,645
Other debtors
21,072
8,540
---------
----------
86,956
127,821
---------
----------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
5,833
Trade creditors
107,090
54,381
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,082
4,282
Social security and other taxes
26,509
Other creditors
39,568
29,251
----------
----------
159,740
120,256
----------
----------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
33,333
44,896
Other creditors
115,353
----------
---------
148,686
44,896
----------
---------
On 28 September 2021 the company issued £120,000 of 6% loan notes, redeemable by 2025.
9. Director's advances, credits and guarantees
As at 31 December 2021 the company owed the directors £845(2020 :£845).
10. Related party transactions
The company was under the control of the directors throughout the previous and current period.