Registered number
07141431
RINALDI'S RESTAURANT LIMITED
Filleted Accounts
31 January 2023
RINALDI'S RESTAURANT LIMITED
Registered number: 07141431
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 72,638 86,843
Current assets
Debtors 4 50,404 51,465
Cash at bank and in hand 444,289 420,846
494,693 472,311
Creditors: amounts falling due within one year 5 (178,721) (166,674)
Net current assets 315,972 305,637
Total assets less current liabilities 388,610 392,480
Provisions for liabilities (15,735) (16,130)
Net assets 372,875 376,350
Capital and reserves
Called up share capital 100 100
Profit and loss account 372,775 376,250
Shareholder's funds 372,875 376,350
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Margrave
Director
Approved by the board on 16 October 2023
RINALDI'S RESTAURANT LIMITED
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% reducing balance
Motor vehicles over 5 years
Fixtures, fittings and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 39 35
3 Tangible fixed assets
Leasehold property improve-ments Fixtures, fittings and computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 79,126 151,037 43,111 273,274
Additions - 11,287 - 11,287
At 31 January 2023 79,126 162,324 43,111 284,561
Depreciation
At 1 February 2022 56,778 103,787 25,866 186,431
Charge for the year 2,235 14,635 8,622 25,492
At 31 January 2023 59,013 118,422 34,488 211,923
Net book value
At 31 January 2023 20,113 43,902 8,623 72,638
At 31 January 2022 22,348 47,250 17,245 86,843
4 Debtors 2023 2022
£ £
Other debtors 50,404 51,465
Amounts due after more than one year included above 18,750 18,750
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 11,457
Trade creditors 65,424 64,446
Taxation and social security costs 97,487 80,540
Other creditors 15,810 10,231
178,721 166,674
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 612,500 687,500
7 Related party transactions
Included within creditors was an amount due to the director, G Margrave, of £3,414 (2022: £4,890). Dividends payable to the director during the year were £80,000 (2022: £60,000)
8 Controlling party
The company was controlled by the director, G Margrave.
9 Other information
RINALDI'S RESTAURANT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Sandal Castle Centre
Asdale Road
Wakefield
WF2 7JE
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