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COMPANY REGISTRATION NUMBER: 13908765
Medina Restaurant Holdings Limited
Filleted Unaudited Financial Statements
31 March 2023
Medina Restaurant Holdings Limited
Directors' Report
Period from 11 February 2022 to 31 March 2023
The directors present their report and the unaudited financial statements of the company for the period ended 31 March 2023 .
Directors
The directors who served the company during the period were as follows:
Miss M Rees
Mr C B Kong
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 November 2023 and signed on behalf of the board by:
Mr C B Kong
Director
Registered office:
Penhelig
9 Trefor Road
Aberystwyth
Ceredigion
United Kingdom
SY23 2EH
Medina Restaurant Holdings Limited
Statement of Financial Position
31 March 2023
31 Mar 23
Note
£
Fixed assets
Investments
5
616,675
Creditors: amounts falling due within one year
6
299,760
---------
Net current liabilities
299,760
---------
Total assets less current liabilities
316,915
Creditors: amounts falling due after more than one year
7
307,055
---------
Net assets
9,860
---------
Capital and reserves
Called up share capital
2
Profit and loss account
9,858
-------
Shareholders funds
9,860
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 2023 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
Mr C B Kong
Director
Company registration number: 13908765
Medina Restaurant Holdings Limited
Notes to the Financial Statements
Period from 11 February 2022 to 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Penhelig, 9 Trefor Road, Aberystwyth, Ceredigion, SY23 2EH, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Investments
Shares in group undertakings
£
Cost
At 11 February 2022
Additions
616,675
---------
At 31 March 2023
616,675
---------
Impairment
At 11 February 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
616,675
---------
The company acquired 100% of the issued share capital of P. D. Diners Limited on 29th April 2022. P. D. Diners Limited registered office is: 9 Trefor Road, Aberystwyth, Ceredigion, SY23 2EH. P. D. Diners Limited's financial statements reflect the following:
2023
£
Aggregate capital and reserves
61,928
Under provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the financial statements show information about the company as an individual entity.
6. Creditors: amounts falling due within one year
31 Mar 23
£
Bank loans and overdrafts
50,700
Amounts owed to group undertakings and undertakings in which the company has a participating interest
16,674
Other creditors
232,386
---------
299,760
---------
Other creditors consist of:
2023
£
Director loan accounts 15,988
Medina Aberystwyth Ltd 198,198
Accrued staff salaries 18,200
---------
232,386
---------
7. Creditors: amounts falling due after more than one year
31 Mar 23
£
Bank loans and overdrafts
307,055
---------
8. Directors' advances, credits and guarantees
Amounts advanced to the company by the Directors with attached terms are as follows: (a) Balance as at 31st March 2023 was £15,988; (b) Interest rate charged nil %; (c) Repayable on demand; and (d) Additions made during the period amounted to £15,988.
2023
£
Director loan account - M Rees 7,994
Director loan account - C Kong 7,994
--------
15,988
--------
9. Related party transactions
The company was under the control of Ms. M. Rees and Mr C. Kong throughout the current year. P D Diners Limited (Company registration number 06020410)is a wholly-owned subsidiary of Medinah Restaurant Holdings Limited. Medina Aberystwyth Limited (Company registration number 10157870) is also under the control of Ms. M. Rees and Mr C. Kong though there is otherwise no direct group relationship. As stated in note 7, Medina Restaurant Holdings Limited owes £198,198 to Medina Aberystwyth Limited at the year end ( 2022 -nil). Also, as stated in note 8, Medina Restaurant Holdings Limited owes £16,675 by P D Diners Limited at the year end (2022 - nil). No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.