Basrai Restaurant (Blackpool) Limited SC474885 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is to be a buffet style restaurant. Digita Accounts Production Advanced 6.30.9574.0 true true SC474885 2022-07-01 2023-06-30 SC474885 2023-06-30 SC474885 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC474885 core:ShareCapital 2023-06-30 SC474885 core:CurrentFinancialInstruments 2023-06-30 SC474885 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC474885 core:Non-currentFinancialInstruments 2023-06-30 SC474885 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC474885 core:FurnitureFittingsToolsEquipment 2023-06-30 SC474885 core:LandBuildings 2023-06-30 SC474885 core:MotorVehicles 2023-06-30 SC474885 core:OtherPropertyPlantEquipment 2023-06-30 SC474885 core:OtherRelatedParties 2023-06-30 SC474885 bus:SmallEntities 2022-07-01 2023-06-30 SC474885 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC474885 bus:FullAccounts 2022-07-01 2023-06-30 SC474885 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 SC474885 bus:RegisteredOffice 2022-07-01 2023-06-30 SC474885 bus:Director1 2022-07-01 2023-06-30 SC474885 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC474885 bus:Agent1 2022-07-01 2023-06-30 SC474885 core:ComputerEquipment 2022-07-01 2023-06-30 SC474885 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 SC474885 core:LandBuildings 2022-07-01 2023-06-30 SC474885 core:LeaseholdImprovements 2022-07-01 2023-06-30 SC474885 core:MotorVehicles 2022-07-01 2023-06-30 SC474885 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 SC474885 core:PlantMachinery 2022-07-01 2023-06-30 SC474885 core:OtherRelatedParties 2022-07-01 2023-06-30 SC474885 countries:Scotland 2022-07-01 2023-06-30 SC474885 2022-06-30 SC474885 core:FurnitureFittingsToolsEquipment 2022-06-30 SC474885 core:LandBuildings 2022-06-30 SC474885 core:MotorVehicles 2022-06-30 SC474885 core:OtherPropertyPlantEquipment 2022-06-30 SC474885 core:OtherRelatedParties 2022-06-30 SC474885 2021-07-01 2022-06-30 SC474885 2022-06-30 SC474885 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC474885 core:ShareCapital 2022-06-30 SC474885 core:CurrentFinancialInstruments 2022-06-30 SC474885 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 SC474885 core:Non-currentFinancialInstruments 2022-06-30 SC474885 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 SC474885 core:FurnitureFittingsToolsEquipment 2022-06-30 SC474885 core:LandBuildings 2022-06-30 SC474885 core:MotorVehicles 2022-06-30 SC474885 core:OtherPropertyPlantEquipment 2022-06-30 SC474885 core:OtherRelatedParties 2022-06-30 SC474885 core:OtherRelatedParties 2021-07-01 2022-06-30 SC474885 2021-06-30 SC474885 core:OtherRelatedParties 2021-06-30 iso4217:GBP xbrli:pure

Registration number: SC474885

Basrai Restaurant (Blackpool) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Basrai Restaurant (Blackpool) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Basrai Restaurant (Blackpool) Limited

Company Information

Director

Mr R S Basrai

Registered office

3-7 Beresford Terrace
Ayr
KA7 2ER

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Basrai Restaurant (Blackpool) Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Basrai Restaurant (Blackpool) Limited for the year ended 30 June 2023 as set out on pages 3 to 11 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Basrai Restaurant (Blackpool) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Basrai Restaurant (Blackpool) Limited and state those matters that we have agreed to state to the Board of Directors of Basrai Restaurant (Blackpool) Limited, 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 Basrai Restaurant (Blackpool) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Basrai Restaurant (Blackpool) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Basrai Restaurant (Blackpool) Limited. You consider that Basrai Restaurant (Blackpool) 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 accounts of Basrai Restaurant (Blackpool) 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 accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

7 March 2024

 

Basrai Restaurant (Blackpool) Limited

(Registration number: SC474885)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,311,629

310,417

Current assets

 

Stocks

5

20,000

20,000

Debtors

6

1,388,204

1,207,555

Cash at bank and in hand

 

316,109

1,200,833

 

1,724,313

2,428,388

Creditors: Amounts falling due within one year

7

(484,459)

(646,272)

Net current assets

 

1,239,854

1,782,116

Total assets less current liabilities

 

2,551,483

2,092,533

Creditors: Amounts falling due after more than one year

7

(198,333)

(268,333)

Net assets

 

2,353,150

1,824,200

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

2,353,149

1,824,199

Shareholders' funds

 

2,353,150

1,824,200

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 March 2024
 

 

Basrai Restaurant (Blackpool) Limited

(Registration number: SC474885)
Balance Sheet as at 30 June 2023

.........................................
Mr R S Basrai
Director

 

Basrai Restaurant (Blackpool) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3-7 Beresford Terrace
Ayr
KA7 2ER
Scotland

These financial statements were authorised for issue by the director on 7 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Basrai Restaurant (Blackpool) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line over term of the lease

Plant and machinery

15% reducing balance

Fixtures, fittings & equipment

15% reducing balance

Computer equipment

33.33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Basrai Restaurant (Blackpool) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2022 - 33).

 

Basrai Restaurant (Blackpool) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

384,998

44,172

73,800

225,022

727,992

Additions

1,068,215

10,487

-

-

1,078,702

Disposals

-

(15,397)

-

-

(15,397)

At 30 June 2023

1,453,213

39,262

73,800

225,022

1,791,297

Depreciation

At 1 July 2022

246,235

31,277

5,045

135,018

417,575

Charge for the year

38,500

2,926

17,189

13,501

72,116

Eliminated on disposal

-

(10,023)

-

-

(10,023)

At 30 June 2023

284,735

24,180

22,234

148,519

479,668

Carrying amount

At 30 June 2023

1,168,478

15,082

51,566

76,503

1,311,629

At 30 June 2022

138,763

12,895

68,755

90,004

310,417

Included within the net book value of land and buildings above is £1,068,215 (2022 - £Nil) in respect of freehold land and buildings and £100,264 (2022 - £138,764) in respect of long leasehold land and buildings.
 

 

Basrai Restaurant (Blackpool) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Other inventories

20,000

20,000

6

Debtors

Current

2023
£

2022
£

Prepayments

7,762

-

Other debtors

1,380,442

1,207,555

 

1,388,204

1,207,555

 

Basrai Restaurant (Blackpool) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

70,000

70,000

Trade creditors

 

94,265

101,669

Taxation and social security

 

156,515

285,899

Accruals and deferred income

 

5,840

3,250

Other creditors

 

157,839

185,454

 

484,459

646,272

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

198,333

268,333

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

100

1

100

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

198,333

268,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

70,000

70,000

 

Basrai Restaurant (Blackpool) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Related party transactions

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

1,140,128

1,140,128

Repaid

(47,260)

(47,260)

At end of period

1,092,868

1,092,868

2022

Other related parties
£

Total
£

At start of period

1,075,816

1,075,816

Advanced

64,312

64,312

At end of period

1,140,128

1,140,128

Terms of loans to related parties

Loans are interest free and repayable on demand.

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

138,384

138,384

At end of period

138,384

138,384

2022

Other related parties
£

Total
£

At start of period

138,384

138,384

At end of period

138,384

138,384

Terms of loans from related parties

Loans are interest free and repayable on demand.