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REGISTERED NUMBER: 04750098 (England and Wales)









NEIL'S CUISINE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NEIL'S CUISINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: N Patel





REGISTERED OFFICE: 115 Penarth Road
Grangetown
Cardiff
CF11 6JU





REGISTERED NUMBER: 04750098 (England and Wales)






NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 314,579 331,697
Investment property 5 213,428 172,487
528,007 504,184

CURRENT ASSETS
Stocks 6 6,250 6,250
Debtors 7 3,288 5,930
Cash at bank and in hand 23,259 86,053
32,797 98,233
CREDITORS
Amounts falling due within one year 8 133,409 137,712
NET CURRENT LIABILITIES (100,612 ) (39,479 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

427,395

464,705

CREDITORS
Amounts falling due after more than one
year

9

127,573

146,714
NET ASSETS 299,822 317,991

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings 299,821 317,990
SHAREHOLDERS' FUNDS 299,822 317,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

BALANCE SHEET - continued
31 MAY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 February 2024 and were signed by:





N Patel - Director


NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Neil's Cuisine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of Services:

Turnover relates to services and is recognised by reference which is usually billed at the point of sale and delivery of goods.

NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over term of lease
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value measured through profit and loss.

The methods and significant assumptions used to ascertain the fair value at the balance sheet date and fair value movement in the profit for the year are as follows :
.

Stocks
Stocks are valued at the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.


NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 265,996 233,283 69,550 17,109 585,938
Additions - 6,032 - 150 6,182
At 31 May 2023 265,996 239,315 69,550 17,259 592,120
DEPRECIATION
At 1 June 2022 28,229 167,068 45,780 13,164 254,241
Charge for year 5,169 10,837 5,943 1,351 23,300
At 31 May 2023 33,398 177,905 51,723 14,515 277,541
NET BOOK VALUE
At 31 May 2023 232,598 61,410 17,827 2,744 314,579
At 31 May 2022 237,767 66,215 23,770 3,945 331,697

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 172,487
Additions 40,941
At 31 May 2023 213,428
NET BOOK VALUE
At 31 May 2023 213,428
At 31 May 2022 172,487

6. STOCKS
2023 2022
£    £   
Stocks 6,250 6,250

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 2,642
Prepayments 3,288 3,288
3,288 5,930

NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 26,893 27,000
Hire purchase contracts 7,681 10,738
Trade creditors 6,234 6,872
Tax 13,595 19,439
Social security and other taxes 873 -
VAT 1,807 665
Other Loans 56,420 56,420
Directors' current accounts 12,596 13,818
Accrued expenses 7,310 2,760
133,409 137,712

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Loans 2-5 years 127,573 146,714

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 26,893 27,000

The bank loan is secured by DBW Investments (10) Limited over a fixed and floating charges over undertaking and all property and assets present and future including goodwill, bookdebts and the benefits of any licences and the Charge contains negative pledge as well.

NEIL'S CUISINE LIMITED (REGISTERED NUMBER: 04750098)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class
Nominal
value

31.05.23

31.05.22
£    £   
20 Ordinary A £0.01 0.20 1.00
20 Ordinary B £0.01 0.20 -
20 Ordinary C £0.01 0.20 -
20 Ordinary D £0.01 0.20 -
20 Ordinary E £0.01 0.20 -
1 1

During year the company subdivided its share capital from £1 Ordinary shares into £0.01p A, B, C, D and E shares.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the director maintained an interest free loan with the company. The amount owed to the director at 31 May 2023 was £12,596 (2022: £13,818) and is included within creditors respectively.

13. RELATED PARTY DISCLOSURES

During the year the Company has paid rent of £35,000 (2022: £35,000) on the property owned by the director. Included in other creditors are loans received from family members of the director £56,420.