Company registration number 07179262 (England and Wales)
NONNA'S (SHEFFIELD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
NONNA'S (SHEFFIELD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NONNA'S (SHEFFIELD) LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2022
30 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,723
29,713
Tangible assets
3
127,341
137,993
146,064
167,706
Current assets
Stocks
22,410
30,039
Debtors
5
55,610
92,169
Cash at bank and in hand
148,575
119,267
226,595
241,475
Creditors: amounts falling due within one year
6
(246,941)
(188,226)
Net current (liabilities)/assets
(20,346)
53,249
Total assets less current liabilities
125,718
220,955
Creditors: amounts falling due after more than one year
7
(65,909)
(95,079)
Provisions for liabilities
(26,500)
(29,000)
Net assets
33,309
96,876
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
33,305
96,872
Total equity
33,309
96,876
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has 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.
NONNA'S (SHEFFIELD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2022
30 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 September 2023
M Mori
Director
Company Registration No. 07179262
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Nonna's (Sheffield) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 535-541 Ecclesall Road, Sheffield, S11 8PR.
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
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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the purchase of brands, payment to suppliers and administration costs following the liquidation of Nonna's Restaurant Limited. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
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:
Fixtures, fittings & equipment
10% straight line
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand.
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
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, 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 paymentts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
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
2022
2021
Number
Number
Total
37
35
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 31 December 2021
231,859
Additions
10,447
At 30 December 2022
242,306
Depreciation and impairment
At 31 December 2021
93,866
Depreciation charged in the year
21,099
At 30 December 2022
114,965
Carrying amount
At 30 December 2022
127,341
At 30 December 2021
137,993
4
Intangible fixed assets
Goodwill
£
Cost
At 31 December 2021 and 30 December 2022
209,161
Amortisation and impairment
At 31 December 2021
179,448
Amortisation charged for the year
10,990
At 30 December 2022
190,438
Carrying amount
At 30 December 2022
18,723
At 30 December 2021
29,713
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
54,334
Other debtors
55,610
37,835
55,610
92,169
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loan
27,273
27,273
Trade creditors
65,174
66,299
Corporation tax
5,061
Other taxation and social security
137,698
69,973
Other creditors
16,796
19,620
246,941
188,226
See note 8 for details of security.
Included in other creditors is a hire purchase balance of £1,897 (2021: £3,252), which is secured on the asset to which it relates.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loan
65,909
93,182
Other creditors
1,897
65,909
95,079
The bank loan being issued as part of the Coronavirus Business Interruption Loan Scheme, with interest payable monthly at 2.80% plus the base rate. The loan is secured by a partial guarantee by the Government and by the assets of the company.
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
9
Related party transactions
During the year, the company made loan repayments to Nonna's Limited, a company in which which M Mori is a shareholder. The amount due from Nonna's Limited at the year-end is £10. As at the year-ending 2021, the amount due to Nonna's Limited was £54,334.
NONNA'S (SHEFFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 8 -
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.00
34,787
12,521
824
(3,000)
45,132
34,787
12,521
824
(3,000)
45,132