Period from 28 June 2021 to
Registration number:
Buenos Aires Restaurant Holdings Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Buenos Aires Restaurant Holdings Limited
Balance Sheet
26 June 2022
Note |
26 June |
27 June |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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
......................................... |
Company Registration Number: 09365139
Buenos Aires Restaurant Holdings Limited
Notes to the Financial Statements
Period from 28 June 2021 to 26 June 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Buenos Aires Restaurant Holdings Limited
Notes to the Financial Statements
Period from 28 June 2021 to 26 June 2022
Investments |
26 June |
27 June |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 28 June 2021 and 26 June 2022 |
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Carrying amount |
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At 26 June 2022 |
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At 27 June 2021 |
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Debtors |
26 June |
27 June |
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Other debtors |
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Creditors |
Note |
26 June 2022 |
27 June 2021 |
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Due within one year |
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Loans and borrowings |
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Amounts due to group undertakings |
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Other creditors |
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Accrued expenses |
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- |
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Note |
26 June |
27 June |
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Due after one year |
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Loans and borrowings |
- |
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Buenos Aires Restaurant Holdings Limited
Notes to the Financial Statements
Period from 28 June 2021 to 26 June 2022
Loans and borrowings |
26 June |
27 June |
|
Loans and borrowings due after one year |
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Bank borrowings |
- |
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26 June |
27 June |
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Current loans and borrowings |
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Bank borrowings |
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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.
Share capital |
Allotted, called up and fully paid shares
26 June |
27 June |
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No. |
£ |
No. |
£ |
|
|
- |
- |
|
1,020 |
|
|
1,020 |
- |
- |
|
|
1,020 |
- |
- |
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|
85 |
- |
- |
|
|
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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
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.
Audit report |
Relationship between entity and parents |
The parent of the smallest group in which these financial statements are consolidated is
The address of High Road Restaurants Group Holdco Limited is: