Registered number: 09119599
PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2023
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PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
REGISTERED NUMBER: 09119599
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
REGISTERED NUMBER: 09119599
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2024.
The notes on pages 3 to 7 form part of these financial statements.
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PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Prostoparon Limited (formerly Experience Raw Limited) is a private company limited by shares and registered in England & Wales. The address of its registered office is 25 London Street, Paddington, London W2 1HH and the principal place of business is 17 Jubilee Street, Brighton BN1 1GE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company incurred a deficit and as at the balance sheet date was showing net liabilities of £1,223,098 (2022: £952,191), largely comprised of loans from companies under the common control of the director.
The director has confirmed this support will be ongoing and will not be seeking repayment of the loans until surplus funds generated from operations are available for repayment. Accordingly, the director considers that the company has adequate funds available to meet its other liabilities as they fall due.
In assessing the appropriateness of the going concern basis, the director has taken into account all relevant information covering a period of at least twelve months from the date of the approval of the statutory financial statements
The company's functional and presentational currency is GBP.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises restaurant takings in respect of the financial year.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Brand costs have been amortised over three years.
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PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows..
Depreciation is provided on the following basis:
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20% per annum on the reducing balance
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value after making due allowance for slow-moving items. Cost is calculated on an individual item basis.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
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The average monthly number of employees, including directors, during the year was 14 (2022 - 12).
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Charge for the year on owned assets
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PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Charge for the year on owned assets
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PROSTOPARON LIMITED (FORMERLY EXPERIENCE RAW LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Related party transactions
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During the year, the company paid concession fees of £114,000 (2022: £114,000) to My Bright Limited, a company with common control.
At the balance sheet date the company owed £1,274,743 (2022: £1,031,748) to various companies owned and controlled by A Thrasyvoulou.
All loans are interest free, unsecured and repayable on demand.
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