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COMPANY REGISTRATION NUMBER: 11145017
RSA Grill Limited
Unaudited Financial Statements
28 February 2023
RSA Grill Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
RSA Grill Limited
Officers and Professional Advisers
Director
Mr. Ali Delidogan
Registered office
834 Hertford Road
Enfield
Middlesex
EN3 6UE
Accountants
Gursoy & Co. Accountants Ltd
Certified Accountants
834 Hertford Road
Enfield
Middlesex
UK
EN3 6UE
RSA Grill Limited
Director's Report
Year ended 28 February 2023
The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2023 .
Director
The director who served the company during the year was as follows:
Mr. Ali Delidogan
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 13 November 2023 and signed on behalf of the board by:
Mr. Ali Delidogan
Director
Registered office:
834 Hertford Road
Enfield
Middlesex
EN3 6UE
RSA Grill Limited
Statement of Income and Retained Earnings
Year ended 28 February 2023
2023
2022
Note
£
£
Turnover
1,683,246
2,157,187
Cost of sales
625,168
691,479
------------
------------
Gross profit
1,058,078
1,465,708
Administrative expenses
1,158,090
1,044,037
------------
------------
Operating (loss)/profit
( 100,012)
421,671
Interest payable and similar expenses
16,524
4,311
------------
------------
(Loss)/profit before taxation
5
( 116,536)
417,360
Tax on (loss)/profit
6
( 35,398)
76,868
---------
---------
(Loss)/profit for the financial year and total comprehensive income
( 81,138)
340,492
---------
---------
Retained earnings at the start of the year
834,613
494,121
---------
---------
Retained earnings at the end of the year
753,475
834,613
---------
---------
All the activities of the company are from continuing operations.
RSA Grill Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
454,857
441,930
Current assets
Stocks
23,900
26,800
Debtors
8
786,885
731,774
Cash at bank and in hand
33,416
270,974
---------
------------
844,201
1,029,548
Creditors: amounts falling due within one year
9
410,581
434,495
---------
------------
Net current assets
433,620
595,053
---------
------------
Total assets less current liabilities
888,477
1,036,983
Creditors: amounts falling due after more than one year
10
134,902
202,270
---------
------------
Net assets
753,575
834,713
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
753,475
834,613
---------
---------
Shareholders funds
753,575
834,713
---------
---------
These financial statements have been prepared 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'.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RSA Grill Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
Mr. Ali Delidogan
Director
Company registration number: 11145017
RSA Grill Limited
Notes to the Financial Statements
Year ended 28 February 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 834 Hertford Road, Enfield, Middlesex, EN3 6UE.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
18% reducing balance
Motor vehicles
-
18% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 year amounted to 29 (2022: 24 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
99,847
97,010
--------
--------
6. Tax on (loss)/profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 35,398)
76,868
--------
--------
Tax on (loss)/profit
( 35,398)
76,868
--------
--------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 116,536)
417,360
---------
---------
(Loss)/profit on ordinary activities by rate of tax
( 22,142)
79,298
Adjustment to tax charge in respect of prior periods
( 1,974)
Effect of capital allowances and depreciation
( 11,282)
10,523
Utilisation of tax losses
( 12,953)
---------
---------
Tax on (loss)/profit
( 35,398)
76,868
---------
---------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022
717,921
16,410
734,331
Additions
95,499
26,000
121,499
Disposals
( 16,410)
( 16,410)
---------
--------
---------
At 28 February 2023
813,420
26,000
839,420
---------
--------
---------
Depreciation
At 1 March 2022
284,716
7,685
292,401
Charge for the year
95,167
4,680
99,847
Disposals
( 7,685)
( 7,685)
---------
--------
---------
At 28 February 2023
379,883
4,680
384,563
---------
--------
---------
Carrying amount
At 28 February 2023
433,537
21,320
454,857
---------
--------
---------
At 28 February 2022
433,205
8,725
441,930
---------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
3,799
2,782
Other debtors
783,086
728,992
---------
---------
786,885
731,774
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
104,340
70,694
Trade creditors
60,049
138,639
Corporation tax
42,718
76,868
Social security and other taxes
54,033
25,533
Other creditors
149,441
122,761
---------
---------
410,581
434,495
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
134,902
202,270
---------
---------
11. Financial instruments
The company has the following financial instruments:
2023 2022
£ £
Financial assets measured at amortised cost:
Trade and other debtors 3,799 2,782
Prepayments and accrued income 18,176 14,082
Loan to connected company 764,910 714,910
--------- ---------
786,885 731,774
--------- ---------
£ £
Financial liabilities measured at amortised cost:
Bank loans and overdraft 239,242 272,964
Trade and other creditors 60,049 138,639
Accruals 70,509 22,761
Directors loan account 78,932 100,000
--------- ---------
448,732 534,364
--------- ---------
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr. Ali Delidogan
( 100,000)
21,068
( 78,932)
---------
--------
--------
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr. Ali Delidogan
( 222,000)
122,000
( 100,000)
---------
---------
---------
13. Related party transactions
The following related party transactions were undertaken:
2023 2022
£ £
Loans to connected companies
Delidogan Properties Limited 757,410 707,410
Delicious Cafe E13 Limited 7,500 7,500
--------- ---------
764,910 714,910
--------- ---------
Mr. Ali Delidogan , the managing director and sole shareholder of RSA Grill Limited , is also the managing director and sole shareholder of Delidogan Properties Limited and Delicious Cafe E13 Limited.