REGISTERED NUMBER: |
ENTERFRIES LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
ENTERFRIES LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 10 |
ENTERFRIES LIMITED |
Company Information |
for the year ended 31 December 2021 |
Director: |
Registered office: |
Registered number: |
Accountants: |
5-6 Greenfield Crescent |
Edgbaston |
Birmingham |
West Midlands |
B15 3BE |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Enterfries Limited |
The following reproduces the text of the report prepared for the director 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director 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 Enterfries Limited for the year ended 31 December 2021 which comprise the Income Statement, Statement of Financial Position 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 director of Enterfries Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Enterfries Limited and state those matters that we have agreed to state to the director of Enterfries Limited 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 Enterfries Limited and its director for our work or for this report. |
It is your duty to ensure that Enterfries 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 Enterfries Limited. You consider that Enterfries Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Enterfries 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 |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Statement of Financial Position |
31 December 2021 |
2021 | 2020 |
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/(liabilities) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Statement of Financial Position - continued |
31 December 2021 |
The director acknowledges his 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 director and authorised for issue on |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
Enterfries Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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. |
Intangible fixed assets |
Franchise rights are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and any accumulated impairment losses |
Franchise rights & fees are being amortised over the 20 year term of the franchise agreements. |
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. |
Taxation |
Taxation for the year 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 statement of financial position date. |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
2. | Accounting policies - continued |
Financial instruments |
The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares |
For financial assets measured at amortised cost, the impairment cost is measured at the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets effective interest rate. If the 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 assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument |
Dividends |
Equity dividends are recognised when they legally become payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholdersat an annual general meeting. |
Judgements in applying accounting policies and key sources of estimation uncertainty |
In the process of applying the company's accounting policies, management are required to make certain estimates and judgements. The key estimates and judgements are as follows: |
Depreciation and residual values |
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate |
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. |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
2. | Accounting policies - continued |
Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to each asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Franchise | Franchise |
Rights | Fees | Totals |
£ | £ | £ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
Amortisation |
At 1 January 2021 |
Amortisation for year |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
5. | Tangible fixed assets |
Short | Restaurant |
leasehold | Equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2021 |
Additions |
At 31 December 2021 |
Depreciation |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
6. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
Fixed asset investments consists of 3,750 (2020- 3,750) ordinary shares of £1 each in Fries Holding Company Limited, a company registered in Guernsey. The investments are included in the accounts at cost. |
7. | Stocks |
2021 | 2020 |
£ | £ |
Stocks |
8. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
ENTERFRIES LIMITED (REGISTERED NUMBER: 10038855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
9. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 135,816 | 153,400 |
Other creditors |
Directors' current accounts | 85,966 | 159,769 |
Accrued expenses |
10. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 18,116 |
11. | Provisions for liabilities |
2021 | 2020 |
£ | £ |
Deferred tax | 195,749 | 116,713 |
Deferred tax |
£ |
Balance at 1 January 2021 |
Accelerated Capital Allowances | 79,036 |
Balance at 31 December 2021 |