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High Road Thai Restaurants Limited

Annual Report and Financial Statements
Period from 27 June 2022 to 25 June 2023

Registration number: 12744640

 

High Road Thai Restaurants Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

High Road Thai Restaurants Limited

Balance Sheet

25 June 2023

Note

25 June
2023
£

26 June
2022
£

Fixed assets

 

Intangible assets

4

15,769

8,250

Tangible assets

5

528,472

624,617

 

544,241

632,867

Current assets

 

Stocks

6

56,186

46,419

Debtors

7

159,274

187,036

Cash at bank and in hand

 

152,289

215,513

 

367,749

448,968

Creditors: Amounts falling due within one year

8

(984,168)

(945,615)

Net current liabilities

 

(616,419)

(496,647)

Total assets less current liabilities

 

(72,178)

136,220

Provisions for liabilities

17,218

(2,040)

Net (liabilities)/assets

 

(54,960)

134,180

Capital and reserves

 

Called up share capital

10

2

2

Profit and loss account

(54,962)

134,178

Shareholders' (deficit)/funds

 

(54,960)

134,180

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 March 2024
 

.........................................
J J Sykes
Director

Company Registration Number: 12744640

 

High Road Thai Restaurants Limited

Notes to the Financial Statements

Period from 27 June 2022 to 25 June 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:
Nower End
Nower Road
Dorking
RH4 3BX
England

These financial statements were authorised for issue by the director on 28 March 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

Notwithstanding the loss for the period of £189,140 (2022 - profit of £53,686) and the net liabilities of £54,960 (2022 - net assets of £134,180), and having considered a period of no less than 12 months from the approval of these accounts, the director is satisfied that it is appropriate for the financial statements to have been prepared on a going concern basis.

In forming his opinion the director has taken into consideration the net current liability position, the availability to the company of CBILS bank facilities in the immediate parent company, the trading performance subsequent to the year end and forecasted to June 2025. In particular the director has taken into consideration the inflationary economic environment and the anticipated impact upon the clientele of the restaurants operated by the company.

 

High Road Thai Restaurants Limited

Notes to the Financial Statements

Period from 27 June 2022 to 25 June 2023

Key judgements and sources of estimation uncertainty

In the application of the company's accounting policies, 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.

The key judgement in respect of the financial statements is going concern. In forming their opinion, and in particular, the directors have considered the performance of the company both during the year and subsequent to the year end, and the forecasted financial performance.

The key estimates that has a significant effect on the amounts recognised in the financial statements is described below:

Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment losses. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £528,472 (2022 -£624,617).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of food and beverages in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue at the point of sale.

Government grants

Government revenue grants are accounted for under the accruals method. These are credited to the profit and loss account when th company is entitled to the income.

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.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

High Road Thai Restaurants Limited

Notes to the Financial Statements

Period from 27 June 2022 to 25 June 2023

Pre-opening costs

Pre-opening costs are deferred until the site opens. On opening of the site, an analysis is performed on all costs held on the balance sheet for the site and split into capital and non-capital expenditure. All non-capital expenditure is recognised in the profit and loss account from the date of opening.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

over period of the lease

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Intangible assets

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.

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

Trademarks

10 years straight line

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.

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 or loss on a straight-line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

High Road Thai Restaurants Limited

Notes to the Financial Statements

Period from 27 June 2022 to 25 June 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Intercompany debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 123 (2022 - 105).

4

Intangible assets

Trademarks
 £

Total
£

Cost or valuation

At 27 June 2022

10,000

10,000

Additions acquired separately

8,519

8,519

At 25 June 2023

18,519

18,519

Amortisation

At 27 June 2022

1,750

1,750

Amortisation charge

1,000

1,000

At 25 June 2023

2,750

2,750

Carrying amount

At 25 June 2023

15,769

15,769

At 26 June 2022

8,250

8,250

 

High Road Thai Restaurants Limited

Notes to the Financial Statements

Period from 27 June 2022 to 25 June 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 27 June 2022

515,142

68,519

115,016

698,677

Additions

7,138

8,267

18,491

33,896

Disposals

(15,000)

-

(2,775)

(17,775)

At 25 June 2023

507,280

76,786

130,732

714,798

Depreciation

At 27 June 2022

63,462

5,939

4,659

74,060

Charge for the period

52,020

14,021

18,201

84,242

Impairment

19,730

2,862

5,432

28,024

At 25 June 2023

135,212

22,822

28,292

186,326

Carrying amount

At 25 June 2023

372,068

53,964

102,440

528,472

At 26 June 2022

451,680

62,580

110,357

624,617

Included within the net book value of land and buildings above is £372,068 (2022 - £451,680) in respect of short leasehold land and buildings.

6

Stocks

25 June
2023
£

26 June
2022
£

Consumables

56,186

46,419

7

Debtors

25 June
2023
£

26 June
2022
£

Trade debtors

26,943

17,549

Amounts owed by group undertakings

56,347

87,516

Prepayments

34,123

34,352

Other debtors

41,861

47,619

159,274

187,036

 

High Road Thai Restaurants Limited

Notes to the Financial Statements

Period from 27 June 2022 to 25 June 2023

Details of non-current trade and other debtors

£40,000 (2022 - £40,000) of Other debtors is classified as non current. Other debtors due after more than one year relate to rent deposits.

8

Creditors

25 June
2023
£

26 June
2022
£

Due within one year

Trade creditors

154,747

123,551

Amounts owed to group undertakings

286,999

251,985

Taxation and social security

264,549

216,111

Other creditors

188,245

211,524

Accruals and deferred income

89,628

142,444

984,168

945,615

9

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

25 June
2023
£

26 June
2022
£

Not later than one year

264,643

237,935

Later than one year and not later than five years

1,080,926

1,068,280

Later than five years

1,626,176

1,883,217

2,971,745

3,189,432

10

Share capital

Allotted, called up and fully paid shares

 

25 June
2023

26 June
2022

 

No.

£

No.

£

Ordinary shares of £0.00001 of £0.00 each

220,000

2

216,667

2

         

New shares allotted

During the period the company allotted 3,333 Ordinary shares of £0.00001 each for an aggregate nominal value and consideration of £0.03.

 

High Road Thai Restaurants Limited

Notes to the Financial Statements

Period from 27 June 2022 to 25 June 2023

11

Related party transactions

The Company has taken advantage of exemptions from disclosing transactions with wholly owned group companies under the provisions of Section 33 of Financial Reporting Standard 102.

Summary of transactions with parent

During the period the company was charged £50,000 (2022 - £Nil) of management fees by its ultimate parent company. The balance due by the company to the ultimate parent at the year end was £60,000 (2022 - £nil).
 

12

Non adjusting events after the financial period

After the period end, the Lymington site ceased to trade and the company has since exited the lease. Fixed assets with a book value of £30,300 at the period end were subsequently written off and a reverse lease premium of £30,000 was paid.

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Nicholas Farrant BA MSc FCA, who signed for and on behalf of PKF Francis Clark on 29 March 2024.

14

Relationship between entity and parents

The company's immediate parent is High Road Restaurants Group Bidco Limited, incorporated in England & Wales.

The parent of the smallest group in which these financial statements are consolidated is High Road Restaurants Group Holdco Limited, incorporated in England & Wales.

The address of High Road Restaurants Group Holdco Limited is: Nower End, Nower Road, Dorking RH4 3BX.