Company Registration No. NI066678 (Northern Ireland)
EAST COAST RESTAURANTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
EAST COAST RESTAURANTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
EAST COAST RESTAURANTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
412,505
288,882
Current assets
Stocks
-
0
88,000
Debtors
5
18,195
33,789
Cash at bank and in hand
66,108
154,084
84,303
275,873
Creditors: amounts falling due within one year
6
(791,912)
(846,641)
Net current liabilities
(707,609)
(570,768)
Total assets less current liabilities
(295,104)
(281,886)
Creditors: amounts falling due after more than one year
7
(56,724)
(83,308)
Net liabilities
(351,828)
(365,194)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(351,928)
(365,294)
Total equity
(351,828)
(365,194)
EAST COAST RESTAURANTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 August 2022 and are signed on its behalf by:
Mr R McCoubrey
Director
Company Registration No. NI066678
EAST COAST RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

East Coast Restaurants Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 115A Dundrum Road, Newcastle, Co Down, BT33 0LN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis, notwithstanding the fact that the company had a net deficit of £351,928 at the balance sheet date. true

 

The company meets its day to day working capital requirements through the facility provided by the company’s bank together with the support of its directors. The directors have considered future cash flow requirements and are confident that the company will continue in business for the foreseeable future. Accordingly the directors consider it appropriate that the financial statements in respect of the year ended 31 December 2021 be prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
15% Straight Line
Investment Property
not depreciated
Fixtures and fittings
15% Straight Line
Computers
25% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

EAST COAST RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies (Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

EAST COAST RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies (Continued)
- 5 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
5
19
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
200,000
Amortisation and impairment
At 1 January 2021 and 31 December 2021
200,000
Carrying amount
At 31 December 2021
-
0
At 31 December 2020
-
0
EAST COAST RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
331,471
65,578
397,049
Additions
97,782
58,280
156,062
Disposals
-
0
(7,650)
(7,650)
At 31 December 2021
429,253
116,208
545,461
Depreciation and impairment
At 1 January 2021
54,337
53,830
108,167
Depreciation charged in the year
16,321
10,381
26,702
Eliminated in respect of disposals
-
0
(1,913)
(1,913)
At 31 December 2021
70,658
62,298
132,956
Carrying amount
At 31 December 2021
358,595
53,910
412,505
At 31 December 2020
277,134
11,748
288,882
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
751
750
Other debtors
17,444
33,039
18,195
33,789
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
8,123
17,835
Taxation and social security
552
5,187
Other creditors
783,237
823,619
791,912
846,641
EAST COAST RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
56,724
83,308
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
Transactions with related parties

At the balance sheet date the company owed the directors £758,721 (2020- £797,437). These funds have been provided to the company by it's directors to assist with working capital requirements.

 

During the year the company charged £28,000 (2020 - £23,000) in relation to consultancy and other recharges to a company in which the directors have significant influence.

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