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Memphis Holdings Ltd
Registered Number:13467328
For the year ended 30 June 2023
England and Wales
Report of the Directors and Unaudited Financial Statements
2
For the year ended 30 June 2023
Memphis Holdings Ltd
Contents Page
Company Information
1
2
Directors' Report
3
Chartered Accountants' Report
4
Income Statement
5
Statement of Financial Position
6
Statement of Changes in Equity
7 to 9
Notes to the Financial Statements
3
For the year ended 30 June 2023
Memphis Holdings Ltd
Company Information
S J Bowden
Directors
A G Nicol
L C Denning
A G Nicol (appointed on 22 June 2023)
Company Secretary
13467328
Registered Number
Harrow Cottage
Registered Office
Heathfield
Newton Abbot
Devon
TQ12 6RH
Turnbull & Co Accountants Limited
Accountants
Chartered Accountants
Pilgrim House
Oxford Place
Plymouth
PL1 5AJ
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4
For the year ended 30 June 2023
Memphis Holdings Ltd
Directors' Report
The directors present their report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company was that of a licenced restaurant. The company commenced trading on 19 June 2023. Directors Responsibilities Company law requires the directors to prepare financial statements for each financial year which give a true and fair view. In preparing those financial statements, the directors are required to: Select suitable accounting policies and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable; State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is not appropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records, for safeguarding the assets of the company, and for taking reasonable steps for the prevention and detection of fraud and other irregularitites.
Directors
The directors who served the company throughout the year were as follows:
S J Bowden
N J Hooper (Resigned on 22/06/2023)
A G Nicol
L C Denning
A G Nicol
Signed on behalf of the board of directors
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Date:
28 March 2024
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5
For the year ended 30 June 2023
Memphis Holdings Ltd
Chartered Accountants' Report
Chartered Accountants' report to the Directors on the preparation of the unaudited statutory accounts of
Memphis Holdings Ltd for the year ended 30 June 2023
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts
of Memphis Holdings Ltd for the year ended 30 June 2023 which comprise the Income Statement, the Statement of
Financial Position, the Statement of Changes in Equity and the related notes from the company's accounting records
and from information and explanations you have given us.
As a practising firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its
ethical and other professional requirements which are detailed at
icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Memphis Holdings Ltd, as a body, in accordance with the terms
of our engagement letter dated 2 May 2023. Our work has been undertaken solely to prepare for your approval the
accounts of Memphis Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of
Memphis Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Memphis Holdings Ltd
and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Memphis Holdings Ltd has kept adequate accounting records to prepare statutory
accounts that give a true and fair view of the assets, liabilities, financial position and loss of Memphis Holdings Ltd.
You consider that Memphis Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Memphis Holdings Ltd. For this
reason, we have not verified the accuracy or completeness of the accounting records or information and explanations
you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Turnbull & Co Accountants Limited
Chartered Accountants
Pilgrim House
Oxford Place
Plymouth
PL1 5AJ
Date:
28 March 2024
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6
For the year ended 30 June 2023
Memphis Holdings Ltd
Income Statement
2022
£
2023
£
Turnover
30,585
-
-
Cost of sales
(16,184)
-
Gross profit
14,401
Administrative expenses
(64,588)
-
Operating loss
(50,187)
-
Interest payable and similar charges
(488)
-
(50,675)
-
Loss before taxation
(50,675)
Loss for the financial year
-
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7
Registered Number :
13467328
As at 30 June 2023
Memphis Holdings Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
47,184
-
2
47,184
-
Current assets
Inventories
-
8,467
3
Trade and other receivables
-
28,038
4
4
Cash and cash equivalents
37,173
73,678
4
Trade and other payables: amounts falling due within one
year
-
(162,521)
5
4
(88,843)
Net current liabilities
Total assets less current liabilities
(41,659)
4
Trade and other payables: amounts falling due after more
than one year
-
(9,010)
6
(50,669)
Net assets/liabilities
4
Capital and reserves
Called up share capital
6
4
Retained earnings
(50,675)
-
(50,669)
4
Shareholders' funds
For the year ended 30 June 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
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 in accordance with the provisions applicable to companies subject to the small companies regime.
A G Nicol
These financial statements were approved and authorised for issue by the Board on 28 March 2024 and were signed by:
The notes form part of these financial statements
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8
For the year ended 30 June 2023
Memphis Holdings Ltd
Statement of Changes in Equity
Share Capital
Retained
earnings
Total
£
£
£
Balance at 01 July 2021
4
-
4
Balance at 30 June 2022 and 01 July 2022
4
-
4
Share issue during the year
2
-
2
(50,675)
(50,675)
Loss for the year
Balance at 30 June 2023
6
(50,675)
(50,669)
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9
For the year ended 30 June 2023
Memphis Holdings Ltd
Notes to the Financial Statements
Statutory Information
Memphis Holdings Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration
number 13467328.
Registered address:
Harrow Cottage
Heathfield
Newton Abbot
Devon
TQ12 6RH
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipmentare stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
25% Reducing balance
Furniture and Fittings
Going concern
The company is financed by the directors. This is a new business and in the opinion of the directors, they believe
profits will be made in the future.
2. Property, plant and equipment
Furniture and
Fittings
£
Cost or
valuation
49,255
Additions
At 30 June 2023
49,255
Provision for depreciation and impairment
Charge for year
2,071
At 30 June 2023
2,071
At 30 June 2023
Net book value
47,184
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10
For the year ended 30 June 2023
Memphis Holdings Ltd
Notes to the Financial Statements Continued
3. Inventories
2022
2023
£
£
Stocks
8,467
-
4. Trade and other receivables
2022
2023
£
£
Other debtors
28,038
-
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Trade creditors
20,438
-
Other creditors
142,083
-
162,521
-
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Other creditors
9,010
-
7. Related party transactions
The company is under the effective control of its directors.
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11
For the year ended 30 June 2023
Memphis Holdings Ltd
Notes to the Financial Statements Continued
8. Directors advances and guarantees
At 01/07/2022
Loaned
Repaid
At 30/06/2023
£
£
£
£
S J Bowden
Monies loaned to the company by the director
47,160
-
47,160
-
47,160
-
47,160
-
A G Nicol
Monies loaned to the company by the director
33,594
-
34,809
1,215
33,594
-
34,809
1,215
L C Denning
Monies loaned to the company by the director
35,000
-
35,000
-
35,000
-
35,000
-
9. Guarantees and other financial commitments
Lease commitments
At 30 June 2023 the company had annual commitments under non-cancellable operating leases as set out below:
2023
£
Operating leases which expire:
50,000
Within 1 year
260,000
Within 2 to 5 years
After more than 5 years
325,000
635,000
Under FRS 102, the figures represent the full amount payable for the whole period of the lease remaining at the year
end.
10. Average number of persons employed
During the year the average number of employees was 26
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