Period from 27 June 2022 to
Registration number:
High Road Thai Restaurants Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
High Road Thai Restaurants Limited
Balance Sheet
25 June 2023
Note |
25 June |
26 June |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
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( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
(54,962) |
134,178 |
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Shareholders' (deficit)/funds |
(54,960) |
134,180 |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 12744640
High Road Thai Restaurants Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
Notwithstanding the loss for the period of £189,140 (2022 - profit of £53,686) and the net liabilities of £54,960 (2022 - net assets of £134,180), and having considered a period of no less than 12 months from the approval of these accounts, the director is satisfied that it is appropriate for the financial statements to have been prepared on a going concern basis.
In forming his opinion the director has taken into consideration the net current liability position, the availability to the company of CBILS bank facilities in the immediate parent company, the trading performance subsequent to the year end and forecasted to June 2025. In particular the director has taken into consideration the inflationary economic environment and the anticipated impact upon the clientele of the restaurants operated by the company.
High Road Thai Restaurants Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Key judgements and sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgement in respect of the financial statements is going concern. In forming their opinion, and in particular, the directors have considered the performance of the company both during the year and subsequent to the year end, and the forecasted financial performance.
The key estimates that has a significant effect on the amounts recognised in the financial statements is described below:
Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment losses. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £528,472 (2022 -£624,617).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of food and beverages in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue at the point of sale.
Government grants
Government revenue grants are accounted for under the accruals method. These are credited to the profit and loss account when th company is entitled to the income.
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 corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
High Road Thai Restaurants Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Pre-opening costs
Pre-opening costs are deferred until the site opens. On opening of the site, an analysis is performed on all costs held on the balance sheet for the site and split into capital and non-capital expenditure. All non-capital expenditure is recognised in the profit and loss account from the date of opening.
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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
over period of the lease |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Office equipment |
15% reducing balance |
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks |
10 years straight line |
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.
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.
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.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
High Road Thai Restaurants Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Intercompany debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Intangible assets |
Trademarks |
Total |
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Cost or valuation |
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At 27 June 2022 |
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Additions acquired separately |
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At 25 June 2023 |
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Amortisation |
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At 27 June 2022 |
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Amortisation charge |
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At 25 June 2023 |
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Carrying amount |
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At 25 June 2023 |
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At 26 June 2022 |
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High Road Thai Restaurants Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 27 June 2022 |
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Additions |
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Disposals |
( |
- |
( |
( |
At 25 June 2023 |
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Depreciation |
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At 27 June 2022 |
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Charge for the period |
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Impairment |
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At 25 June 2023 |
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Carrying amount |
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At 25 June 2023 |
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At 26 June 2022 |
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Included within the net book value of land and buildings above is £372,068 (2022 - £451,680) in respect of short leasehold land and buildings.
Stocks |
25 June |
26 June |
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Consumables |
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Debtors |
25 June |
26 June |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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High Road Thai Restaurants Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Details of non-current trade and other debtors
£40,000 (2022 - £40,000) of Other debtors is classified as non current. Other debtors due after more than one year relate to rent deposits.
Creditors |
25 June |
26 June |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
25 June |
26 June |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Share capital |
Allotted, called up and fully paid shares
25 June |
26 June |
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No. |
£ |
No. |
£ |
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2 |
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2 |
New shares allotted
During the period the company allotted 3,333 Ordinary shares of £0.00001 each for an aggregate nominal value and consideration of £0.03.
High Road Thai Restaurants Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Related party transactions |
The Company has taken advantage of exemptions from disclosing transactions with wholly owned group companies under the provisions of Section 33 of Financial Reporting Standard 102.
Summary of transactions with parent
Non adjusting events after the financial period |
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Audit report |
Relationship between entity and parents |
The company's immediate parent is
The parent of the smallest group in which these financial statements are consolidated is High Road Restaurants Group Holdco Limited, incorporated in England & Wales.
The address of High Road Restaurants Group Holdco Limited is: Nower End, Nower Road, Dorking RH4 3BX.