Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-312021-10-01falseThe principal activity of the company continued to be that of the running of bars and restaurants.1313truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05903818 2021-10-01 2023-03-31 05903818 2020-10-01 2021-09-30 05903818 2023-03-31 05903818 2021-09-30 05903818 c:Director2 2021-10-01 2023-03-31 05903818 d:MotorVehicles 2021-10-01 2023-03-31 05903818 d:MotorVehicles 2023-03-31 05903818 d:MotorVehicles 2021-09-30 05903818 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-10-01 2023-03-31 05903818 d:FurnitureFittings 2021-10-01 2023-03-31 05903818 d:FurnitureFittings 2023-03-31 05903818 d:FurnitureFittings 2021-09-30 05903818 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-10-01 2023-03-31 05903818 d:OfficeEquipment 2021-10-01 2023-03-31 05903818 d:OfficeEquipment 2023-03-31 05903818 d:OfficeEquipment 2021-09-30 05903818 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-10-01 2023-03-31 05903818 d:ComputerEquipment 2021-10-01 2023-03-31 05903818 d:ComputerEquipment 2023-03-31 05903818 d:ComputerEquipment 2021-09-30 05903818 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-10-01 2023-03-31 05903818 d:OwnedOrFreeholdAssets 2021-10-01 2023-03-31 05903818 d:CurrentFinancialInstruments 2023-03-31 05903818 d:CurrentFinancialInstruments 2021-09-30 05903818 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05903818 d:CurrentFinancialInstruments d:WithinOneYear 2021-09-30 05903818 d:ShareCapital 2023-03-31 05903818 d:ShareCapital 2021-09-30 05903818 d:RetainedEarningsAccumulatedLosses 2023-03-31 05903818 d:RetainedEarningsAccumulatedLosses 2021-09-30 05903818 c:OrdinaryShareClass1 2021-10-01 2023-03-31 05903818 c:OrdinaryShareClass1 2023-03-31 05903818 c:OrdinaryShareClass1 2021-09-30 05903818 c:FRS102 2021-10-01 2023-03-31 05903818 c:AuditExempt-NoAccountantsReport 2021-10-01 2023-03-31 05903818 c:FullAccounts 2021-10-01 2023-03-31 05903818 c:PrivateLimitedCompanyLtd 2021-10-01 2023-03-31 05903818 e:PoundSterling 2021-10-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05903818












FIRST RESTAURANTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

 
FIRST RESTAURANTS LIMITED
REGISTERED NUMBER:05903818

BALANCE SHEET
AS AT 31 MARCH 2023

31 March
30 September
2023
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
58,070
36,379

  
58,070
36,379

Current assets
  

Debtors: amounts falling due within one year
 5 
1,999,993
2,364,590

Cash at bank and in hand
 6 
4,614
30,081

  
2,004,607
2,394,671

Creditors: amounts falling due within one year
 7 
(4,029,732)
(4,169,983)

Net current liabilities
  
 
 
(2,025,125)
 
 
(1,775,312)

Total assets less current liabilities
  
(1,967,055)
(1,738,933)

  

Net liabilities
  
(1,967,055)
(1,738,933)


Capital and reserves
  

Called up share capital 
 8 
10
10

Profit and loss account
  
(1,967,065)
(1,738,943)

  
(1,967,055)
(1,738,933)

Page 1

 
FIRST RESTAURANTS LIMITED
REGISTERED NUMBER:05903818
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

The company has opted not to file the profit and loss account 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 by: 




M H Tillman
Director

Date: 9 February 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
FIRST RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

First Restaurants Limited is a private company, limited by shares, registered in England and Wales, registration number 05903818. The registered office address is 18 Bristol Gardens, London, W9 2JQ.

The principal activity of the company continued to be that of the running of bars and restaurants.
On 20 June 2023, the accounting reference date of the company was extended from 30 September 2022 to 31 March 2023.

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 the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

  
2.2

Functional and presentational currency

The company's functional and presentational currency is pound sterling.

 
2.3

Going concern

On the basis of information and enquiries that are pertinent to the company’s circumstances and which the directors believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular the directors believe that adequate cash resources will be available to cover the company’s requirements for working capital for at least twelve months from the date of signing the financial statements.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from the running of bars and restaurants is recognised when it is probable the company will receive the rights to the consideration due under the contract.

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss accounts in the same year as the related expenditure. Grants received in respect of the Covid Job Retention Scheme are included in other operating income.

Page 3

 
FIRST RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The company operates 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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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 4

 
FIRST RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
straight-line
Fixtures and fittings
-
20%
straight-line
Office equipment
-
20%
straight-line
Computer equipment
-
20%
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 profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.


3.


Employees

The average monthly number of employees, including the directors, during the period was 13 (2021 - 13).

Page 5

 
FIRST RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


Tangible fixed assets







Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 October 2021
34,371
26,415
45,434
114,456
220,676


Additions
33,936
6,765
-
-
40,701



At 31 March 2023

68,307
33,180
45,434
114,456
261,377



Depreciation


At 1 October 2021
22,013
8,574
44,790
108,920
184,297


Charge for the period
9,741
8,037
341
891
19,010



At 31 March 2023

31,754
16,611
45,131
109,811
203,307



Net book value



At 31 March 2023
36,553
16,569
303
4,645
58,070



At 30 September 2021
12,358
17,841
644
5,536
36,379


5.


Debtors

31 March
30 September
2023
2021
£
£


Trade debtors
7,904
150

Amounts owed by connected entities
1,981,413
2,336,200

Other debtors
300
11,800

Called up share capital not paid
8
8

Prepayments
7,050
12,414

Tax recoverable
-
2,402

Deferred taxation
3,318
1,616

1,999,993
2,364,590



6.


Cash

31 March
30 September
2023
2021
£
£

Cash at bank
4,614
30,081


Page 6

 
FIRST RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Creditors: amounts falling due within one year

31 March
30 September
2023
2021
£
£

Trade creditors
19,743
48,044

Amounts owed to connected entities
3,869,358
3,529,636

Corporation tax
1,689
-

Other taxation and social security
51,001
245,218

Other creditors
81,207
344,585

Accruals
6,734
2,500

4,029,732
4,169,983


HSBC UK bank PLC holds a fixed and floating charge which contains a negative pledge over the assets of the company in respect of all the amounts due from the company which was satisfied in the period.


8.


Share capital

31 March
30 September
2023
2021
£
£
Allotted, called up and fully paid



2 (2021 - 2) Ordinary shares of £1.00 each
2
2

Allotted, called up and unpaid



8 (2021 - 8) Ordinary shares of £1.00 each
8
8

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £26,907 (2021 - £16,184). Contributions totalling £4,211 (2021 - £2,598) were payable to the fund at the balance sheet date and are included in creditors.


10.


Transactions with directors

In the period, the company paid car hire expenses for the director totalling £NIL (2021 - £6,100). 
During the period, the company repaid £267,000 (2021 - £60,000) to the director. As at the period end, the company owed £72,287 (2021 - £399,287) to the director. The loan is unsecured, interest free and repayable on demand. It is the director's intention not to recall the loan for the foreseeable future until such time that the company is in a position to repay the balance owed.
Page 7

 
FIRST RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

11.


Controlling party

The company is under the control of the of M H Tillman, a director and majority shareholder of the company.
 
Page 8