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Registration number: 11417444

ABR Restaurant (Farringdon) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2021

 

ABR Restaurant (Farringdon) Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

ABR Restaurant (Farringdon) Ltd

(Registration number: 11417444)
Balance Sheet as at 30 June 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

288,865

328,237

Current assets

 

Stocks

5

10,105

41,525

Debtors

6

67,783

151,184

Cash at bank and in hand

 

4,533

226

 

82,421

192,935

Creditors: Amounts falling due within one year

7

(1,228,442)

(1,227,795)

Net current liabilities

 

(1,146,021)

(1,034,860)

Total assets less current liabilities

 

(857,156)

(706,623)

Creditors: Amounts falling due after more than one year

7

(31,887)

(66,660)

Net liabilities

 

(889,043)

(773,283)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(889,143)

(773,383)

Shareholders' deficit

 

(889,043)

(773,283)

For the financial year ending 30 June 2021 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 20 September 2023 and signed on its behalf by:
 

.........................................
T Thayananthan
Director

 

ABR Restaurant (Farringdon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

1

General information

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

The address of its registered office is:
5 Picketts Lock Lane
Edmonton
London
N9 0AS
United Kingdom

These financial statements were authorised for issue by the Board on 20 September 2023.

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.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The accounts have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company will be supported by related parties and the directors and shareholders for the foreseeable future.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

ABR Restaurant (Farringdon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

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

Leasehold property and improvements

over the period of the lease

Plant and machinery

25% reducing balance

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.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

ABR Restaurant (Farringdon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2020 - 11).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2020

285,830

122,975

408,805

At 30 June 2021

285,830

122,975

408,805

Depreciation

At 1 July 2020

38,982

41,586

80,568

Charge for the year

19,055

20,317

39,372

At 30 June 2021

58,037

61,903

119,940

Carrying amount

At 30 June 2021

227,793

61,072

288,865

At 30 June 2020

246,848

81,389

328,237

Included within the net book value of land and buildings above is £227,793 (2020 - £246,848) in respect of short leasehold land and buildings.
 

 

ABR Restaurant (Farringdon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

5

Stocks

2021
£

2020
£

Other inventories

10,105

41,525

6

Debtors

Current

2021
£

2020
£

Prepayments

64,043

137,269

Other debtors

3,740

13,915

67,783

151,184

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

45,140

112,898

Trade creditors

 

25,355

118,605

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

646,720

733,836

Taxation and social security

 

982

-

Accruals and deferred income

 

3,625

4,775

Other creditors

 

506,620

257,681

 

1,228,442

1,227,795

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £45,140 (2020 - £112,898).

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

31,887

66,660

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £31,887 (2020 - £66,660).

 

ABR Restaurant (Farringdon) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,260,000 (2020 - £1,365,000).

10

Related party transactions

Summary of transactions with other related parties

Creditors include an amount of £646,720 (2020 - £733,836) due to related companies.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is ABR Restaurant Group Limited, incorporated in England.