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REGISTERED NUMBER: 11351241 (England and Wales)












12:51 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






12:51 LIMITED (REGISTERED NUMBER: 11351241)

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


12:51 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr J Cochran





SECRETARY: Mr B Barnes





REGISTERED OFFICE: 107 Upper Street
London
N1 1QN





REGISTERED NUMBER: 11351241 (England and Wales)

12:51 LIMITED (REGISTERED NUMBER: 11351241)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 4 34,667 38,133
Tangible assets 5 3,291 5,639
37,958 43,772

CURRENT ASSETS
Stocks 4,110 3,994
Debtors 6 66,700 66,447
Cash at bank 43,766 57,317
114,576 127,758
CREDITORS
Amounts falling due within one year 7 (234,675 ) (178,870 )
NET CURRENT LIABILITIES (120,099 ) (51,112 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(82,141

)

(7,340

)

CREDITORS
Amounts falling due after more than one
year

8

(22,473

)

(33,724

)
NET LIABILITIES (104,614 ) (41,064 )

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 22,475 22,475
Retained earnings (127,189 ) (63,639 )
(104,614 ) (41,064 )

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.

12:51 LIMITED (REGISTERED NUMBER: 11351241)

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 29 February 2024 and were signed by:





Mr J Cochran - Director


12:51 LIMITED (REGISTERED NUMBER: 11351241)

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


1. STATUTORY INFORMATION

12:51 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Going Concern
At the balance sheet date the company has net liabilities, and is dependent upon the support of its director and finance providers to continue trading. The director has indicated that the support will continue for a period of at least 12 months from the date of signing these financial statements, and as such the going concern basis has been used.

Turnover
Turnover is recongised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes.

Turnover consists of the sale of food and drink at a licensed restaurant.

Lease premiums
Separately acquired lease premiums are shown at historical cost.

Lease premiums have a finite useful life and are carried at cost less accumulated amortisation, and any impairment losses, over their useful life as follows;

Lease premiums - straight line over length of lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Kitchen equipment - Straight line over 3 years
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

12:51 LIMITED (REGISTERED NUMBER: 11351241)

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


2. ACCOUNTING POLICIES - continued

Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit and loss on a straight line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments are classified as equity. Equity instruments are measured at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Lease
premiums
£
COST
At 1 June 2022
and 31 May 2023 52,000
AMORTISATION
At 1 June 2022 13,867
Amortisation for year 3,466
At 31 May 2023 17,333
NET BOOK VALUE
At 31 May 2023 34,667
At 31 May 2022 38,133

12:51 LIMITED (REGISTERED NUMBER: 11351241)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Kitchen and Computer
equipment fittings equipment Totals
£ £ £ £
COST
At 1 June 2022 33,496 3,708 1,222 38,426
Additions 957 - 124 1,081
At 31 May 2023 34,453 3,708 1,346 39,507
DEPRECIATION
At 1 June 2022 29,009 3,300 478 32,787
Charge for year 2,885 408 136 3,429
At 31 May 2023 31,894 3,708 614 36,216
NET BOOK VALUE
At 31 May 2023 2,559 - 732 3,291
At 31 May 2022 4,487 408 744 5,639

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 22,375 21,891
Other debtors 44,325 44,556
66,700 66,447

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 11,280 11,280
Trade creditors 117,715 60,165
Taxation and social security 66,781 82,705
Other creditors 38,899 24,720
234,675 178,870

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 22,473 33,724

12:51 LIMITED (REGISTERED NUMBER: 11351241)

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


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 42,000 42,000
Between one and five years 168,000 168,000
In more than five years 282,240 324,240
492,240 534,240