REGISTERED NUMBER: |
TEALLACH RESTAURANTS LIMITED |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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. |
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: |
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. |
CUBO 4th Floor |
2 Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
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 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit | 4 |
Interest payable and similar expenses | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | 5 | ( |
) |
(Loss)/profit for the financial year | ( |
) |
TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 6 |
Tangible assets | 7 |
Investments | 8 |
Current assets |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 11 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 14 |
Retained earnings |
Shareholders' funds |
TEALLACH RESTAURANTS LIMITED (REGISTERED NUMBER: SC722921) |
Balance Sheet - continued |
31 December 2023 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Restaurant equipment | - |
Office equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
11/2/22 |
Year ended | to |
31/12/23 | 31/12/22 |
Period |
11/2/22 |
Year ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Directors' remuneration |
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 |
Franchise Rights amortisation |
Franchise fees amortisation |
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 | ( |
) |
Tax on profit | ( |
) |
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 |
Additions |
At 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
8. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Paper stock |
Non-product stock | 2,571 | 243 |
10. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Deferred tax asset |
Prepayments |
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) |
Trade creditors |
Social security and other taxes |
VAT | 184,903 | 117,629 |
Other creditors |
Directors' current accounts | 377,424 | 169,273 |
Accrued expenses |
12. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 13) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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: | £ | £ |
Ordinary A | £1 | 75 | 75 |
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). |