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Registration number: 06959468

Bar Azita Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Bar Azita Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bar Azita Limited

Company Information

Directors

J Pike

NJ Pike

M J Dreyer

L E Pike

E Llapanji

Registered office

Venton Green Acres Green Acres
Lilley
Luton
LU2 8LS

 

Bar Azita Limited

(Registration number: 06959468)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

265,495

267,492

Current assets

 

Stocks

5

10,000

10,000

Debtors

6

148,972

146,285

Cash at bank and in hand

 

44,973

90,330

 

203,945

246,615

Creditors: Amounts falling due within one year

7

(155,504)

(179,584)

Net current assets

 

48,441

67,031

Total assets less current liabilities

 

313,936

334,523

Creditors: Amounts falling due after more than one year

7

(68,322)

(76,750)

Provisions for liabilities

(11,175)

(6,335)

Net assets

 

234,439

251,438

Capital and reserves

 

Called up share capital

100

100

Retained earnings

234,339

251,338

Shareholders' funds

 

234,439

251,438

For the financial year ending 31 July 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 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.

 

Bar Azita Limited

(Registration number: 06959468)
Balance Sheet as at 31 July 2023

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 18 January 2024 and signed on its behalf by:
 

.........................................
NJ Pike
Director

 

Bar Azita Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Venton Green Acres Green Acres
Lilley
Luton
LU2 8LS
England

These financial statements were authorised for issue by the Board on 18 January 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bar Azita Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

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 Improvements

11% on straight line

Computer equipment

33% on straight line

Fixtures and fittings

15% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

2.5 years useful life

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.

 

Bar Azita Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Bar Azita Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 26).

4

Tangible assets

Long leasehold land and buildings
£

Properties under construction
 £

Fixtures and fittings
£

Office equipment
£

Cost or valuation

At 1 August 2022

245,376

4,186

125,531

6,452

Additions

-

-

7,227

1,924

At 31 July 2023

245,376

4,186

132,758

8,376

Depreciation

At 1 August 2022

19,832

4,123

85,356

4,742

Charge for the year

2,479

63

7,110

1,496

At 31 July 2023

22,311

4,186

92,466

6,238

Carrying amount

At 31 July 2023

223,065

-

40,292

2,138

At 31 July 2022

225,544

63

40,175

1,710

 

Bar Azita Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Total
£

Cost or valuation

At 1 August 2022

381,545

Additions

9,151

At 31 July 2023

390,696

Depreciation

At 1 August 2022

114,053

Charge for the year

11,148

At 31 July 2023

125,201

Carrying amount

At 31 July 2023

265,495

At 31 July 2022

267,492

Included within the net book value of land and buildings above is £223,065 (2022 - £225,544) in respect of long leasehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

10,000

10,000

6

Debtors

2023
£

2022
£

Prepayments

3,400

3,400

Other debtors

145,572

142,885

148,972

146,285

 

Bar Azita Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

8,934

20,269

Trade creditors

 

26,114

55,256

Taxation and social security

 

68,213

51,051

Accruals and deferred income

 

8,212

8,713

Other creditors

 

44,031

44,295

 

155,504

179,584

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

68,322

76,750

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

68,322

76,750

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

11,335

Other borrowings

8,934

8,934

8,934

20,269

 

Bar Azita Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

NJ Pike

The directors operate a joint current account and amounts disclosed represent aggregates. Interest has been charged at a rate of 2% p.a. on any overdrawn directors loan account balances.

23,735

47,119

(24,000)

46,854

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

NJ Pike

The directors operate a joint current account and amounts disclosed represent aggregates. Interest has been charged at a rate of 2% p.a. on any overdrawn directors loan account balances.

91,153

45,582

(113,000)

23,735