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REGISTERED NUMBER: SC722921 (Scotland)















TEALLACH RESTAURANTS LIMITED

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023






TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 11


TEALLACH RESTAURANTS LIMITED

Company Information
for the year ended 31 December 2023







Directors: I G Fyfe
S M J Fyfe





Registered office: McDonald's Restaurants Unit 3,
Balmakeith Retail Park,
Nairn
IV12 5QF





Registered number: SC722921 (Scotland)





Accountants: Cooper Parry Advisory Limited
CUBO 4th Floor
2 Chamberlain Square
Birmingham
West Midlands
B3 3AX

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Principal activity
The principal activity of the company in the year under review was that of the operation of McDonald's franchised restaurants.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

I G Fyfe
S M J Fyfe

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





I G Fyfe - Director


13 April 2024

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Teallach Restaurants Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Teallach Restaurants Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Teallach Restaurants Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Teallach Restaurants Limited and state those matters that we have agreed to state to the Board of Directors of Teallach Restaurants Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Teallach Restaurants Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Teallach Restaurants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Teallach Restaurants Limited. You consider that Teallach Restaurants Limited 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 financial statements of Teallach Restaurants Limited. 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 financial statements.






Cooper Parry Advisory Limited
CUBO 4th Floor
2 Chamberlain Square
Birmingham
West Midlands
B3 3AX


13 April 2024

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Income Statement
for the year ended 31 December 2023

Period
11/2/22
Year ended to
31/12/23 31/12/22
Notes £ £

Turnover 3,337,498 1,525,616

Cost of sales (1,184,849 ) (562,891 )
Gross profit 2,152,649 962,725

Administrative expenses (1,962,083 ) (925,470 )
Operating profit 4 190,566 37,255


Interest payable and similar expenses (39,701 ) (16,549 )
Profit before taxation 150,865 20,706

Tax on profit 5 (202,623 ) 132,017
(Loss)/profit for the financial year (51,758 ) 152,723

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 6 1,123,042 29,125
Tangible assets 7 1,374,764 561,133
Investments 8 1,250 1,250
2,499,056 591,508

Current assets
Stocks 9 48,077 16,269
Debtors 10 44,714 153,642
Cash at bank and in hand 703,664 359,642
796,455 529,553
Creditors
Amounts falling due within one year 11 1,216,824 599,380
Net current liabilities (420,369 ) (69,827 )
Total assets less current liabilities 2,078,687 521,681

Creditors
Amounts falling due after more than one
year

12

(1,975,016

)

(370,858

)

Provisions for liabilities (70,606 ) -
Net assets 33,065 150,823

Capital and reserves
Called up share capital 14 100 100
Retained earnings 32,965 150,723
Shareholders' funds 33,065 150,823

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 13 April 2024 and were signed on its behalf by:





I G Fyfe - Director


TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Notes to the Financial Statements
for the year ended 31 December 2023

1. Statutory information

Teallach Restaurants Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on a going concern basis and no material uncertainties exist that impact on the company's ability to trade.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Franchise rights & fees
Franchise rights & fees are being written off evenly over the 20 year term of the Franchise agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - at varying rates on cost
Restaurant equipment - at varying rates on cost
Office equipment - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

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.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.Prior impairments are also reviewed for possible reversal at each reporting date.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

3. Employees and directors
Period
11/2/22
Year ended to
31/12/23 31/12/22
£ £
Wages and salaries 900,321 445,121
Social security costs 38,493 16,351
Other pension costs 12,017 4,673
950,831 466,145

The average number of employees during the year was as follows:
Period
11/2/22
Year ended to
31/12/23 31/12/22

143 57

Period
11/2/22
Year ended to
31/12/23 31/12/22
£ £
Directors' remuneration 28,500 6,000

4. Operating profit

The operating profit is stated after charging:

Period
11/2/22
Year ended to
31/12/23 31/12/22
£ £
Depreciation - owned assets 104,075 50,641
Franchise Rights amortisation 4,583 -
Franchise fees amortisation 1,500 875

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
11/2/22
Year ended to
31/12/23 31/12/22
£ £
Deferred tax 202,623 (132,017 )
Tax on profit 202,623 (132,017 )

UK corporation tax has been charged at 25% .

The Finance Act 2021 introduced an increase to the UK's main corporation tax rate to 25%, which became effective from the 1st April 2023 - replacing the previous rate of 19%.

Deferred tax has been calculated at 25%.

6. Intangible fixed assets
Franchise Franchise
Rights fees Totals
£ £ £
Cost
At 1 January 2023 - 30,000 30,000
Additions 1,100,000 - 1,100,000
At 31 December 2023 1,100,000 30,000 1,130,000
Amortisation
At 1 January 2023 - 875 875
Amortisation for year 4,583 1,500 6,083
At 31 December 2023 4,583 2,375 6,958
Net book value
At 31 December 2023 1,095,417 27,625 1,123,042
At 31 December 2022 - 29,125 29,125

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. Tangible fixed assets
Short Restaurant Office
leasehold equipment equipment Totals
£ £ £ £
Cost
At 1 January 2023 9,822 600,157 1,795 611,774
Additions - 900,250 17,456 917,706
At 31 December 2023 9,822 1,500,407 19,251 1,529,480
Depreciation
At 1 January 2023 286 50,035 320 50,641
Charge for year 492 101,050 2,533 104,075
At 31 December 2023 778 151,085 2,853 154,716
Net book value
At 31 December 2023 9,044 1,349,322 16,398 1,374,764
At 31 December 2022 9,536 550,122 1,475 561,133

8. Fixed asset investments
Other
investments
£
Cost
At 1 January 2023
and 31 December 2023 1,250
Net book value
At 31 December 2023 1,250
At 31 December 2022 1,250

Fixed asset investments consists of 1,250 ordinary shares of £1 each in Fries Holding Company Limited, a
company registered in Guernsey. The investments are included in the accounts at cost.

9. Stocks
2023 2022
£ £
Food stock 38,310 12,491
Paper stock 7,196 3,535
Non-product stock 2,571 243
48,077 16,269

10. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 4,701 742
Deferred tax asset - 132,017
Prepayments 40,013 20,883
44,714 153,642

TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts (see note 13) 174,523 67,429
Trade creditors 307,789 168,368
Social security and other taxes 18,724 8,761
VAT 184,903 117,629
Other creditors 98,477 22,618
Directors' current accounts 377,424 169,273
Accrued expenses 54,984 45,302
1,216,824 599,380

12. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans (see note 13) 1,975,016 370,858

13. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 174,523 67,429

Amounts falling due between one and two years:
Bank loans - 1-2 years 349,047 67,429

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,625,969 303,429

The loans are due for repayment in equal monthly instalments with terms as stated above. They are unsecured with interest charged at rates between 1.2% and 1.7% above the Bank of England base rate, or on a floating rate basis.

14. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
75 Ordinary A £1 75 75
25 Ordinary B £1 25 25
100 100

15. Related party disclosures

During the year, total dividends of £66,000 were paid to the directors .

During the year, the director Mr I G Fyfe charged total interest to the company of £12,000 (2022 - £8,061).