Salleys Restaurant Ltd |
Registered number: |
NI621887 |
Balance Sheet |
as at 30 November 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
11,992 |
|
|
12,391 |
|
Current assets |
Stocks |
|
|
35,000 |
|
|
10,000 |
Debtors |
4 |
|
17,139 |
|
|
11,726 |
Cash at bank and in hand |
|
|
471 |
|
|
183 |
|
|
|
52,610 |
|
|
21,909 |
|
Creditors: amounts falling due within one year |
5 |
|
(93,585) |
|
|
(56,230) |
|
Net current liabilities |
|
|
|
(40,975) |
|
|
(34,321) |
|
Total assets less current liabilities |
|
|
|
(28,983) |
|
|
(21,930) |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(37,782) |
|
|
(38,500) |
|
|
|
Net liabilities |
|
|
|
(66,765) |
|
|
(60,430) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up, issued and fully paid share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(66,865) |
|
|
(60,530) |
|
Shareholders' funds |
9 |
|
|
(66,765) |
|
|
(60,430) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. |
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006. |
|
The notes on pages 6 to 9 form an integral part of the accounts. |
|
|
|
Deborah Dodds |
Director |
Approved by the board on 2 April 2024 |
|
Salleys Restaurant Ltd |
Notes to the Accounts |
for the year ended 30 November 2023 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
The financial statements are presented in UK Sterling pounds (£) |
|
|
Going concern |
|
In carrying out their duties in respect of going concern, the director has carried out a review of the company's financial position and cash flow forecast for a period of 12 months from the date of signing these financial statements. These have been a comprehensive review of revenue, expenditure and cash flows, taking into consideration business risks and uncertainties brought about by the current economic environment. Having taken all of the above factors into consideration, the director has reached the conclusion that the company will continue to meet its day-to-day working capital requirements and continue to adapt the going concern basis of accounting in preparing the annual financial statements. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, and equipment |
25% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
Provisions |
|
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Financial instruments |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
|
|
Government grants |
|
Grants are recognised using the accruals basis. Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account in the period in which they become receivable. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
47 |
|
49 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 December 2022 |
64,573 |
|
Additions |
3,600 |
|
At 30 November 2023 |
68,173 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2022 |
52,182 |
|
Charge for the year |
3,999 |
|
At 30 November 2023 |
56,181 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2023 |
11,992 |
|
At 30 November 2022 |
12,391 |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Deferred tax asset |
|
|
|
|
12,573 |
|
11,087 |
|
Other debtors |
4,566 |
|
639 |
|
|
|
|
|
|
17,139 |
|
11,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
19,704 |
|
- |
|
Trade creditors |
32,260 |
|
14,779 |
|
Taxes and social security costs |
6,996 |
|
6,828 |
|
Other creditors |
34,625 |
|
34,623 |
|
|
|
|
|
|
93,585 |
|
56,230 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Other creditors |
37,782 |
|
38,500 |
|
|
|
|
|
|
|
|
|
|
7 |
Provision for liabilities |
|
|
Deferred Taxation |
£ |
|
|
At 1 December 2022 |
(11,087) |
|
Charged to the profit and loss |
(1,486) |
|
|
At 30 November 2023 |
(12,573) |
|
|
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows: |
|
|
|
|
|
|
2023 |
|
2022 |
£ |
£ |
|
|
Accelerated capital allowances |
1,486 |
|
2,218 |
|
|
|
|
|
|
|
1,486 |
|
2,218 |
|
|
|
|
|
|
|
|
|
|
8 |
Directors' advances, credits and guarantees |
|
|
During the year the director advanced £10,000 and the company repaid £10,000 leaving a balance owed to the director at the year end of £32,123. |
|
|
|
The balances are interest free and repayable on demand. |
|
|
9 |
Statement of changes in equity |
|
|
The shareholders funds represents cumulative profits or losses, net of dividends paid, deferred tax adjustments and other adjustments. |
|
10 |
Other information |
|
|
Salleys Restaurant Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
|
90 Moore Street |
|
Aughnacloy |
|
Co Tyrone |
|
BT69 6AY |