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Company registration number: 04867530







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
25 DECEMBER 2022


SUNMEAD LIMITED






































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SUNMEAD LIMITED
 


 
COMPANY INFORMATION


Directors
Mr B Shedden 
Mr J Shedden 




Registered number
04867530



Registered office
2nd Floor, Magna House
18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


SUNMEAD LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


SUNMEAD LIMITED
REGISTERED NUMBER:04867530



STATEMENT OF FINANCIAL POSITION
AS AT 25 DECEMBER 2022

25 December
As restated
26 December
2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
650,453
697,704

Tangible assets
 5 
374,191
236,200

  
1,024,644
933,904

Current assets
  

Stocks
  
19,724
12,573

Debtors: amounts falling due within one year
 6 
1,142,825
1,125,444

Cash at bank and in hand
  
-
2,056

  
1,162,549
1,140,073

Creditors: amounts falling due within one year
 7 
(255,864)
(189,651)

Net current assets
  
 
 
906,685
 
 
950,422

Total assets less current liabilities
  
1,931,329
1,884,326

Provisions for liabilities
  

Deferred tax
  
(62,082)
(62,603)

Net assets
  
1,869,247
1,821,723


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,869,147
1,821,623

  
1,869,247
1,821,723


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mr B Shedden
Director

Date: 13 October 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


SUNMEAD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

1.


General information

Sunmead Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The principal place of business is Unit 5, The Forum, Hanworth Lane, Chertsey, Surrey, KT16 9JX.

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.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and
the turnover can be reliably measured. Turnover is generated via the operation of fast food outlets and is
measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Intangible assets

Goodwill

Goodwill arising on the acquisition of branches, represents any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired.
Goodwill is being written off over twenty years on the basis that the company has the option, as stipulated in its franchise agreements, to renew the existing franchises for further ten year terms at the end of the initial ten year term. As the directors are likely to take up the option and due to the company being in a good standing with regards to the terms of the franchise agreement, the directors believe amortisation over the full 20 years reflects the likely consumption of economic benefits.

Other 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.

          Franchise rights                                   -  10 years straight line

Page 2

 


SUNMEAD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
10 years straight line
Fixtures and fittings
-
10 years straight line
Computer equipment
-
5 years straight line

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.

 
2.6

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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, loans to related parties and investments in non-puttable ordinary shares.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 3

 


SUNMEAD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the period was 108 (2021 - 103).

Page 4

 


SUNMEAD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

4.


Intangible assets






Franchise rights
Goodwill
Total

£
£
£



Cost


At 27 December 2021
7,750
1,190,668
1,198,418



At 25 December 2022

7,750
1,190,668
1,198,418



Amortisation


At 27 December 2021
4,585
496,129
500,714


Charge for the period on owned assets
775
46,476
47,251



At 25 December 2022

5,360
542,605
547,965



Net book value



At 25 December 2022
2,390
648,063
650,453



At 26 December 2021
3,165
694,539
697,704



Page 5

 


SUNMEAD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

5.


Tangible fixed assets







Land and Buildings
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 27 December 2021 (as restated)
166,164
386,460
20,098
572,722


Additions
-
197,267
5,700
202,967



At 25 December 2022

166,164
583,727
25,798
775,689



Depreciation


At 27 December 2021 (as restated)
119,641
203,177
13,704
336,522


Charge for the period on owned assets
11,577
49,959
3,440
64,976



At 25 December 2022

131,218
253,136
17,144
401,498



Net book value



At 25 December 2022
34,946
330,591
8,654
374,191



At 26 December 2021 (as restated)
46,523
183,283
6,394
236,200


6.


Debtors

25 December
As restated
26 December
2022
2021
£
£


Amounts owed by group undertakings
1,032,568
1,046,383

Prepayments and accrued income
110,257
79,061

1,142,825
1,125,444


Page 6

 


SUNMEAD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

25 December
26 December
2022
2021
£
£

Trade creditors
183,539
94,261

Corporation tax
27,235
42,955

Accruals and deferred income
45,090
52,435

255,864
189,651



8.


Prior year adjustment

The details of the correction of a prior period error are given below:
The following adjustments have been made due to an error in accounting for the fixed assets for one store in Sunmead Limited, rather than in fellow subsidiary, Classic Crust Limited.
ii) Administration expenses for the year 2021 have reduced from £904,610 to £884,397 after an adjustment of £20,213.
iii) The net book value of fixed assets at 26 December 2021 have reduced from £397,482 to £236,200 after an adjustment for £161,282.
iii) Debtors at 26 December 2021 have increased from £943,949 to £1,125,444 after an adjustment for £181,495.
The overall impact on net assets at 26 December 2021 has meant an increase from £1,801,510 to £1,821,723 after the adjustments totalling £20,213. Retained earnings at 26 December 2021 has also increased by £20,213 from £1,801,410 to £1,821,623 due to the error in recognising the fixed assets for one store in this company.


9.


Guarantees

There is in place a Composite Company Unlimited Unilateral Guarantee in place, dated 7 February 2012, given to
HSBC plc by this company, Full House Restaurants Holdings Limited, Full House Restaurants Limited, House
Special Limited, Classic Crust Limited, The Woodpecker Inn Limited, Sherston Limited and Surrey Pizzas Limited.


10.


Parent company

Full House Restaurants Holdings Limited, a Company incorporated in the United Kingdom, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The Company's registered office is 2nd Floor, Magna House, 18-32 London Road, Staines-upon-Thames, Surrey, TW18 4BP.


11.


Auditors' information

The auditors' report on the financial statements for the period ended 25 December 2022 was unqualified.

The audit report was signed on 15 October 2023 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7