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Registered number: 08844594














MILOS RESTAURANTS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
MILOS RESTAURANTS (UK) LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 9


 
MILOS RESTAURANTS (UK) LIMITED
REGISTERED NUMBER:08844594

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,816,133
3,050,378

Current assets
  

Stocks
 5 
267,513
203,809

Debtors: amounts falling due after more than one year
 6 
207,000
207,000

Debtors: amounts falling due within one year
 6 
248,851
142,845

Cash at bank and in hand
  
433,114
1,183,383

  
1,156,478
1,737,037

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(9,491,017)
(10,582,656)

Net current liabilities
  
 
 
(8,334,539)
 
 
(8,845,619)

Total assets less current liabilities
  
(5,518,406)
(5,795,241)

  

Creditors: amounts falling due after more than one year
 8 
(175,348)
(200,014)

Net liabilities
  
(5,693,754)
(5,995,255)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
(5,693,755)
(5,995,256)

  
(5,693,754)
(5,995,255)


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.

Page 1

 
MILOS RESTAURANTS (UK) LIMITED
REGISTERED NUMBER:08844594
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The Company has opted not to file the statement of comprehensive income 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 27 March 2024.



C Spiliadis
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
MILOS RESTAURANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Milos Restaurants (UK) Limited is a private limited liability company registered in England and Wales with its trading address 1 Regent Street St James', London, SW1 4LR.
The principal activity of the Company is the operation and management of a restaurant, Estiatorio Milos situated at the above address.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The Company is a subsidiary of 3903427 Canada Inc, a company registered in Canada, which provides financial support for the Company’s activities. Consequently, the cash flows of the group as a whole are relevant in the assessment of going concern.
The Company benefits from the ongoing support of its parent company and the expectation of the Directors is that this support will be maintained for a period of at least 12 months from their approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
The financial statements do not include any adjustments that would result if the Company was unable to continue as a going concern.

 
2.3

Revenue

Turnover represents amount receivable for restaurant sales net of Value Added Tax.
Restaurant sales are recognised at the point of sale.
Turnover excludes staff discretionary service charge which are independently collected and distributed by a troncmaster. 

 
2.4

Tangible fixed assets

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.

Page 3

 
MILOS RESTAURANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over term of the lease
Motor vehicles
-
50% straight line
Fixtures and fittings
-
20% straight line
Office equipment
-
33% straight line

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 the Statement of Comprehensive Income.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for out of date stocks. At each Statement of Financial Position date, stocks are assessed for impairment. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and loans to and from related parties. 

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same
period as the related expenditure.

Page 4

 
MILOS RESTAURANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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.

 
2.13

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees, including directors, during the year was 97 (2022 - 73).

Page 5

 
MILOS RESTAURANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 April 2022
4,590,696
20,185
227,105
88,702
4,926,688


Additions
-
-
25,096
833
25,929


Disposals
-
-
(1,039)
(18,019)
(19,058)



At 31 March 2023

4,590,696
20,185
251,162
71,516
4,933,559



Depreciation


At 1 April 2022
1,585,759
20,185
205,024
65,342
1,876,310


Charge for the year on owned assets
239,528
-
11,087
9,559
260,174


Disposals
-
-
(1,039)
(18,019)
(19,058)



At 31 March 2023

1,825,287
20,185
215,072
56,882
2,117,426



Net book value



At 31 March 2023
2,765,409
-
36,090
14,634
2,816,133



At 31 March 2022
3,004,937
-
22,081
23,360
3,050,378


5.


Stocks

2023
2022
£
£

Food, beverage and tableware
267,513
203,809


Page 6

 
MILOS RESTAURANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
207,000
207,000


2023
2022
£
£

Due within one year

Trade debtors
75,276
81,512

Amounts owed by group undertakings
8,042
8,850

Other debtors
3,538
8,038

Prepayments and accrued income
161,995
44,445

248,851
142,845


Other deposits due after more than one year comprises rent deposits, which have been secured by charges over the rent deposit deeds.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
10,000
10,000

Trade creditors
558,283
235,019

Amounts owed to group undertakings
7,023,542
8,337,949

Other taxation and social security
171,903
201,529

Other creditors
397,596
240,645

Accruals and deferred income
1,329,693
1,557,514

9,491,017
10,582,656



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
22,500
32,500

Accruals and deferred income
152,848
167,514

175,348
200,014


Page 7

 
MILOS RESTAURANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loan
10,000
10,000

Amounts falling due 1-2 years

Bank loan
10,000
10,000

Amounts falling due 2-5 years

Bank loan
12,500
22,500

32,500
42,500



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £36,401 (2022 - £27,849.63). Contributions totalling £3,263 (2022 - £2,811) were payable to the fund at the balance sheet date and are included in other creditors. 


12.


Controlling party

The company is a wholly-owned subsidiary of 3903427 Canada Inc, a company registered in Canada with its registered address at 5357 Park Avenue, Montreal QC, H2V 4G9, Canada. The directors regard 3903427 Canada Inc, as the ultimate parent company.

Page 8

 
MILOS RESTAURANTS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
In forming our opinion on the financial statements which is not modified, we have considered the adequacy of the disclosure in note 2.2 of the financial statements concerning the Company's ability to continue as a going concern.
The Company is a subsidiary of 3903427 Canada Inc, a company registered in Canada, which provides financial support for the Company's activities. Consequently the cash flows of the group as a whole are relevant in the assessment of going concern.
The directors have prepared updated forecasts based on current circumstances and have a reasonable expectation that the parent company will continue to be able to to provide financial support and their expectation is that this support will be maintained for a period of at least 12 months from the date of their approval of these financial statements. For these reasons they continue to adopt a going concern basis for the preparation of the financial statements.
The financial statements do not include any adjustments that would result if the Company was unable to continue as a going concern.

The audit report was signed on 27 March 2024 by Stephen Iseman (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 9