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Registered number: 12865841










VEGANATI LIMITED








UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2021



 
VEGANATI LIMITED
 

COMPANY INFORMATION


DIRECTORS
James Pears (appointed 24 November 2020)
Daryl Lynch (appointed 27 October 2020, resigned 24 November 2020)
James Pears (appointed 08 September 2020, resigned 27 October 2020)




REGISTERED NUMBER
12865841



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
VEGANATI LIMITED
 

CONTENTS



Page
Director's Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 12


 
VEGANATI LIMITED
 

 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

The director presents his report and the financial statements for the period ended 30 September 2021.

PRINCIPAL ACTIVITY

The principal activity of the company is operating a restaurant.

The company was incorporated on 8 September 2020 and commenced trading on 3 November 2020.
 
DIRECTORS

The directors who served during the period were:

James Pears (appointed 24 November 2020)
Daryl Lynch (appointed 27 October 2020, resigned 24 November 2020) 
James Pears (appointed 08 September 2020, resigned 27 October 2020) 


SMALL COMPANIES NOTE

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 1 September 2022 and signed on its behalf.
 





James Pears
Director

Page 1

 
VEGANATI LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

08 September 2020 to
30 September
2021
Note
£

  

Turnover
 3 
7,049

Cost of sales
  
(176,286)

GROSS LOSS
  
(169,237)

Administrative expenses
  
(78,769)

Other income
 4 
184,750

OPERATING LOSS
  
(63,256)

Interest payable and similar charges
 6 
(173)

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION
  
(63,429)

Taxation on loss
 7 
-

LOSS FOR THE PERIOD
  
(63,429)

  

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
  
(63,429)

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
VEGANATI LIMITED
REGISTERED NUMBER: 12865841

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021

2021
Note
£

FIXED ASSETS
  

Tangible assets
 8 
20,825

  
20,825

CURRENT ASSETS
  

Stocks
 9 
8,959

Debtors: amounts falling due after more than one year
 10 
5,000

Debtors: amounts falling due within one year
 10 
6,988

Cash at bank and in hand
  
2,456

  
23,403

Creditors: amounts falling due within one year
 11 
(107,557)

NET CURRENT LIABILITIES
  
 
 
(84,154)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(63,329)

  

NET LIABILITIES
  
(63,329)

CAPITAL AND RESERVES
  

Called up share capital 
  
100

Profit and loss account
 12 
(63,429)

EQUITY DEFICIT
  
(63,329)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2022.


James Pears
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
VEGANATI LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


COMPREHENSIVE INCOME FOR THE PERIOD

Loss for the period
-
(63,429)
(63,429)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
-
(63,429)
(63,429)

Shares issued during the period
100
-
100


AT 30 SEPTEMBER 2021
100
(63,429)
(63,329)


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

1.


GENERAL INFORMATION

Veganati Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 30 City Road, London EC1Y 2AB. The principal place of business is situated at Ground Floor, 60 Aldermans Hill, Palmers Green, N13 4PP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentational currency is GBP and rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis even though the company has net current liabilities of £84,154. The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.
 

 
2.3

TURNOVER

Turnover represents the value of sales, net of Value Added Tax and discounts and it is recognised at the point of sale of food and drink by the restaurant.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

  
2.5

GOVERNMENT GRANTS

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following basis:

Fixtures & fittings
-
over 3 years
Computer equipment
-
over 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete to sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

CREDITORS

Short term creditors are measured at the transaction price.

Page 6

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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.

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 Statement of Comprehensive Income.

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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.


3.


TURNOVER

08 September 2020 to
30 September
2021
£

Turnover
7,049

7,049


All turnover arose within the United Kingdom.

Page 7

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

4.


OTHER INCOME

08 September 2020 to
30 September
2021
£

Government grants receivable
184,750

184,750





5.


EMPLOYEES

The average monthly number of employees, including the director, during the period was as follows:


08 September 2020 to 30 September
2021
No.



Director
1

Administrative staff
14

15


6.


INTEREST PAYABLE AND SIMILAR CHARGES

08 September 2020 to
30 September
2021
£


Bank interest payable
173

173

Page 8

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

7.


TAXATION


08 September 2020 to
30 September
2021
£



TOTAL CURRENT TAX
-

TAXATION ON LOSS
-

FACTORS AFFECTING TAX CHARGE FOR THE PERIOD

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
£


Loss on ordinary activities before tax
(63,429)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
(12,050)

EFFECTS OF:


Unrelieved tax losses carried forward
12,050

TOTAL TAX CHARGE FOR THE PERIOD
-

Page 9

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

8.


TANGIBLE FIXED ASSETS







Fixtures & fittings
Office equipment
Total

£
£
£



COST OR VALUATION


Additions
28,510
1,000
29,510



At 30 September 2021

28,510
1,000
29,510



DEPRECIATION


Charge for the period on owned assets
8,379
306
8,685



At 30 September 2021

8,379
306
8,685



NET BOOK VALUE



At 30 September 2021
20,131
694
20,825

Page 10

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

9.


STOCKS

2021
£

Raw materials and consumables
8,959

8,959


10.


DEBTORS

2021
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
5,000

5,000


2021
£

DUE WITHIN ONE YEAR

Trade debtors
1,162

Other debtors
5,826

6,988



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021
£

Trade creditors
13,327

Other creditors
94,230

107,557



12.


RESERVES

Profit & loss account

The profit and loss account includes all current period profit and losses.

Page 11

 
VEGANATI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021

13.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
£


Not later than 1 year
25,000

Later than 1 year and not later than 5 years
72,877

97,877


14.


RELATED PARTY TRANSACTIONS

During the year, the company received a loan amounting to £95,200 from a director. The loan is repayable on demand. The rate of interest charged is 0%. At the balance sheet date, the loan outstanding was £87,732.


Page 12