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REGISTERED NUMBER: SC535820 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

FOR

HOT FLAME WORLD BUFFET LIMITED

HOT FLAME WORLD BUFFET LIMITED (REGISTERED NUMBER: SC535820)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


HOT FLAME WORLD BUFFET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022







DIRECTOR: Makhan Singh



REGISTERED OFFICE: 4d Auchingramont Road
Hamilton
ML3 6JT



REGISTERED NUMBER: SC535820 (Scotland)



ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT



BANKERS: Virgin Money
15 The Avenue
Newton Mearns
Glasgow
G77 6AA

HOT FLAME WORLD BUFFET LIMITED (REGISTERED NUMBER: SC535820)

STATEMENT OF FINANCIAL POSITION
31 MAY 2022

31.5.22 31.5.21
Notes £    £   
CURRENT ASSETS
Debtors 4 61,441 61,441
Cash at bank 48,048 48,048
109,489 109,489
CREDITORS
Amounts falling due within one year 5 194,476 194,476
NET CURRENT LIABILITIES (84,987 ) (84,987 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(84,987

)

(84,987

)

CREDITORS
Amounts falling due after more than one
year

6

40,000

40,000
NET LIABILITIES (124,987 ) (124,987 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (124,988 ) (124,988 )
(124,987 ) (124,987 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.

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 12 February 2024 and were signed by:



Makhan Singh - Director


HOT FLAME WORLD BUFFET LIMITED (REGISTERED NUMBER: SC535820)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022


1. STATUTORY INFORMATION

Hot Flame World Buffet Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from the rendering of services, namely the provision of restaurant and takeaway services, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.


HOT FLAME WORLD BUFFET LIMITED (REGISTERED NUMBER: SC535820)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Provision for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Going concern
At the statement of financial position date, the company's liabilities exceeded its total assets by £124,988. In order to meet its day to day working capital requirements, the company requires the continuing support of its director and creditors.

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.

If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the statement of financial position values of assets to their recoverable amounts, to provide for further liabilities that might arise.

The director believes that it is appropriate for the financial statements to be prepared on a going concern basis.

In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever changing situation as effectively as possible. The director is satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 8 (2021 - 8 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Other debtors 61,441 61,441

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Bank loans and overdrafts 10,000 10,000
VAT 8,418 8,418
Director's loan 173,698 173,698
Accrued charges 2,360 2,360
194,476 194,476

HOT FLAME WORLD BUFFET LIMITED (REGISTERED NUMBER: SC535820)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.22 31.5.21
£    £   
Bank loans 40,000 40,000

7. RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £173,698 (2020: £183,506).