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Registration number: 12261777

New Newbury Sushi Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

New Newbury Sushi Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

New Newbury Sushi Limited

(Registration number: 12261777)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

5

-

1,167

Tangible assets

6

10,300

3,959

 

10,300

5,126

Current assets

 

Stocks

7

1,000

1,000

Debtors

8

41,481

26,678

Cash at bank and in hand

 

20,466

22,570

 

62,947

50,248

Creditors: Amounts falling due within one year

9

(63,784)

(50,917)

Net current liabilities

 

(837)

(669)

Total assets less current liabilities

 

9,463

4,457

Provisions for liabilities

(2,575)

-

Net assets

 

6,888

4,457

Capital and reserves

 

Called up share capital

2

2

Retained earnings

6,886

4,455

Shareholders' funds

 

6,888

4,457

 

New Newbury Sushi Limited

(Registration number: 12261777)
Balance Sheet as at 31 October 2022

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
R C Maden
Director

 

New Newbury Sushi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of sushi in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

New Newbury Sushi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line basis

Fixtures and fittings

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fees

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors consists of amounts invoiced from the franchisor in respect of sales of sushi food in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

New Newbury Sushi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

3

Taxation

2022

2020

£

£

Corporation tax

7,774

15,945

Deferred tax

2,575

10,349

15,945

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 6).

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2021

3,500

3,500

At 31 October 2022

3,500

3,500

Amortisation

At 1 November 2021

2,333

2,333

Amortisation charge

1,167

1,167

At 31 October 2022

3,500

3,500

Carrying amount

At 31 October 2022

-

-

At 31 October 2021

1,167

1,167

 

New Newbury Sushi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

6

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2021

3,129

2,546

5,675

Additions

6,500

1,299

7,799

At 31 October 2022

9,629

3,845

13,474

Depreciation

At 1 November 2021

1,369

347

1,716

Charge for the year

711

747

1,458

At 31 October 2022

2,080

1,094

3,174

Carrying amount

At 31 October 2022

7,549

2,751

10,300

At 31 October 2021

1,760

2,199

3,959

7

Stocks

2022
£

2021
£

Other inventories

1,000

1,000

8

Debtors

Current

2022
£

2021
£

Trade debtors

32,537

24,051

Prepayments

5,000

-

Other debtors

3,944

2,627

 

41,481

26,678

 

New Newbury Sushi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

9

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

40,651

7,202

Taxation and social security

12,315

14,857

Other creditors

10,818

28,858

63,784

50,917

10

Related party transactions

Other transactions with directors

During the year S Maden and R C Maden had a loan with the company. At the balance sheet date the amount due to S Maden and R C Maden was £6,426 (2021: £26,758).