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Buenos Aires Restaurant Holdings Limited

Annual Report and Financial Statements
Period from 28 June 2021 to 26 June 2022

Registration number: 09365139

 

Buenos Aires Restaurant Holdings Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Buenos Aires Restaurant Holdings Limited

Balance Sheet

26 June 2022

Note

26 June
2022
£

27 June
2021
£

Fixed assets

 

Investments

4

1,822,011

1,822,011

Current assets

 

Debtors

5

7,437

7,437

Creditors: Amounts falling due within one year

6

(2,186,536)

(2,016,284)

Net current liabilities

 

(2,179,099)

(2,008,847)

Total assets less current liabilities

 

(357,088)

(186,836)

Creditors: Amounts falling due after more than one year

6

-

(165,843)

Net liabilities

 

(357,088)

(352,679)

Capital and reserves

 

Called up share capital

8

2,125

1,020

Profit and loss account

(359,213)

(353,699)

Shareholders' deficit

 

(357,088)

(352,679)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 September 2023 and signed on its behalf by:
 

.........................................
S A Hill
Director

Company Registration Number: 09365139

 

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 28 June 2021 to 26 June 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Nower End
Nower Road
Dorking
Surrey
RH4 3BX

These financial statements were authorised for issue by the Board on 13 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The financial statements contain information about Buenos Aires Restaurant Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The Company is exempt by virtue of s400 of the Companies Act 2006 for the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent company. High Road Restaurants Group Holdco Limited, a company incorporated in England & Wales
.

Going concern

The company acts as an intermediate holding company within the wider group. The directors have prepared detailed forecasts and cash flow analysis models for the company’s subsidiary to satisfy their review of the going concern assertion. The directors also acknowledge that the company had net current liabilities and net liabilities at the balance sheet date. However, the majority of creditors relate to balances with the company’s parent and subsidiary undertakings, these will not be expected to be repaid unless the company has sufficient funds with which to repay them. Additionally, the trading subsidiary undertaking is in a net asset position and is therefore able to assist the company in meeting its financial obligations as they fall due. On this basis the accounts have been prepared on a going concern basis.

 

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 28 June 2021 to 26 June 2022

Key judgements and sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judegments, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Judgement is applied by management when determining the valuation of its investments in its subsidiaries and whether there are any indications of impairment. Impairment occurs when the carrying amount of an asset exceeds its recoverable amount. If the recoverable amount is lower than the carrying amount, the difference may be recognised in profit or loss as an impairment loss. This is assessed at each reporting date, if there is any indication of impairment. The carrying amount is £1,822,011 (2021 - £1,822,011).

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 28 June 2021 to 26 June 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2021 - 0).

 

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 28 June 2021 to 26 June 2022

4

Investments

26 June
2022
£

27 June
2021
£

Investments in subsidiaries

1,822,011

1,822,011

Subsidiaries

£

Cost or valuation

At 28 June 2021 and 26 June 2022

1,822,011

Carrying amount

At 26 June 2022

1,822,011

At 27 June 2021

1,822,011

5

Debtors

26 June
2022
£

27 June
2021
£

Other debtors

7,437

7,437

7,437

7,437

6

Creditors

Note

26 June 2022
 £

27 June 2021
 £

Due within one year

 

Loans and borrowings

7

163,047

224,703

Amounts due to group undertakings

9

2,021,088

1,788,759

Other creditors

 

1

2,822

Accrued expenses

 

2,400

-

 

2,186,536

2,016,284

Note

26 June
2022
£

27 June
2021
£

Due after one year

 

Loans and borrowings

7

-

165,843

 

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 28 June 2021 to 26 June 2022

7

Loans and borrowings

26 June
2022
£

27 June
2021
£

Loans and borrowings due after one year

Bank borrowings

-

165,843

26 June
2022
£

27 June
2021
£

Current loans and borrowings

Bank borrowings

163,047

224,703

As a condition of the loan, the bank holds securities over all assets of the Company and its subsidiary company, Buenos Aires Restaurant Limited.

As at 26 June 2022, the bank loan has been presented as Due within one year following a breach of the covenant to provide annual the 2021 statutory financial statements within 270 days, making the respective liability repayable on demand.

8

Share capital

Allotted, called up and fully paid shares

 

26 June
2022

27 June
2021

 

No.

£

No.

£

Ordinary of £0 (2021 - £0.01) each

-

-

102,000

1,020

Ordinary A of £0.01 (2021 - £0) each

102,000

1,020

-

-

Ordinary B of £0.01 (2021 - £0) each

102,000

1,020

-

-

Ordinary C of £0.01 (2021 - £0) each

8,500

85

-

-

 

212,500

2,125

102,000

1,020

New shares allotted

During the period the company redesignated its existing issued share capital of 102,000 Ordinary shares of £0.01p each as Ordinary A shares. It then allotted 102,000 Ordinary B shares of £0.01p each and 8,500 Ordinary C shares of £0.01p each, having an aggregate nominal value and consideration of £1,020 and £85 respectively.

These transactions were part of a wider group restructure.

 

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 28 June 2021 to 26 June 2022

9

Related party transactions

Summary of transactions with parent

At the year end the Company owed its immediate parent £629,000 on an intercompany account. The Company was no longer wholly owned by its immediate parent from 25 February 2022 so its balance must now be disclosed.

The Company has taken advantage of the exemption provided in FRS102 paragraph 33.1A to not disclose transactions entered between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Nicholas Farrant BA MSc FCA, who signed for and on behalf of PKF Francis Clark on 13 October 2023.

11

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is High Road Restaurants Group Holdco Limited, incorporated in England & Wales.

The address of High Road Restaurants Group Holdco Limited is:
Nower End, Nower Road, Dorking, Surrey, RH4 3BX