Company Registration No. SC240315 (Scotland)
PAPA JOE'S RESTAURANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THE A9 PARTNERSHIP LIMITED
Chartered Accountants
57/59 High Street
Dunblane
FK15 0EE
PAPA JOE'S RESTAURANTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PAPA JOE'S RESTAURANTS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,731
23,314
Current assets
Stocks
-
5,000
Debtors
5
98,985
97,093
Cash at bank and in hand
7,813
26,564
106,798
128,657
Creditors: amounts falling due within one year
6
(181,774)
(151,475)
Net current liabilities
(74,976)
(22,818)
Net (liabilities)/assets
(56,245)
496
Capital and reserves
Called up share capital
7
1,122,002
1,122,002
Profit and loss reserves
(1,178,247)
(1,121,506)
Total equity
(56,245)
496

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 September 2023 and are signed on its behalf by:
Mr M  Crawford
Director
Company Registration No. SC240315
PAPA JOE'S RESTAURANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Papa Joe's Restaurants Limited is a private company limited by shares incorporated in Scotland. The registered office is 57/59 High Street, Dunblane, Perthshire, Scotland, FK15 0EE.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Sale of goods is recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivable is reasonably assured.

Revenue from services is recognised when the services have been provided and the right to consideration has been earned.

2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
PAPA JOE'S RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

.

2.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PAPA JOE'S RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
2
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
10
PAPA JOE'S RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
40,692
Additions
1,660
At 30 April 2023
42,352
Depreciation and impairment
At 1 May 2022
17,378
Depreciation charged in the year
6,243
At 30 April 2023
23,621
Carrying amount
At 30 April 2023
18,731
At 30 April 2022
23,314
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
98,985
97,093
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,205
3,863
Taxation and social security
1,088
4,283
Other creditors
179,481
143,329
181,774
151,475
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,122,002
1,122,002
1,122,002
1,122,002
8
Related party transactions

At the balance sheet date the company was owed £98,177 (2022 - £97,012) by Crawford Holdings Limited, its parent company. This balance is shown within other debtors.

 

PAPA JOE'S RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
9
Parent company

The company is a wholly owned subsidiary of Crawford Holdings Limited, a company registered in Scotland.

 

Mr M Crawford is the ultimate controlling party.

2023-04-302022-05-01false07 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMrs Anne CrawfordMr Mark CrawfordSC2403152022-05-012023-04-30SC2403152023-04-30SC2403152022-04-30SC240315core:OtherPropertyPlantEquipment2023-04-30SC240315core:OtherPropertyPlantEquipment2022-04-30SC240315core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-30SC240315core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-30SC240315core:CurrentFinancialInstruments2023-04-30SC240315core:CurrentFinancialInstruments2022-04-30SC240315core:ShareCapital2023-04-30SC240315core:ShareCapital2022-04-30SC240315core:RetainedEarningsAccumulatedLosses2023-04-30SC240315core:RetainedEarningsAccumulatedLosses2022-04-30SC240315bus:Director22022-05-012023-04-30SC240315core:PlantMachinery2022-05-012023-04-30SC240315core:FurnitureFittings2022-05-012023-04-30SC240315core:ComputerEquipment2022-05-012023-04-30SC2403152021-05-012022-04-30SC240315core:OtherPropertyPlantEquipment2022-04-30SC240315core:OtherPropertyPlantEquipment2022-05-012023-04-30SC240315core:WithinOneYear2023-04-30SC240315core:WithinOneYear2022-04-30SC240315bus:PrivateLimitedCompanyLtd2022-05-012023-04-30SC240315bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-30SC240315bus:FRS1022022-05-012023-04-30SC240315bus:AuditExemptWithAccountantsReport2022-05-012023-04-30SC240315bus:Director12022-05-012023-04-30SC240315bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP