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Registration number: 02186889

Mosimann's Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Mosimann's Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Mosimann's Limited

(Registration number: 02186889)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,683,572

3,852,085

Other financial assets

5

23,000

23,000

 

3,706,572

3,875,085

Current assets

 

Stocks

6

184,137

145,805

Debtors

7

407,828

430,289

 

591,965

576,094

Creditors: Amounts falling due within one year

8

(2,448,479)

(1,649,542)

Net current liabilities

 

(1,856,514)

(1,073,448)

Total assets less current liabilities

 

1,850,058

2,801,637

Creditors: Amounts falling due after more than one year

8

(291,135)

(405,781)

Provisions for liabilities

(368,352)

(321,080)

Net assets

 

1,190,571

2,074,776

Capital and reserves

 

Called up share capital

10

270,010

270,010

Share premium reserve

600,000

600,000

Revaluation reserve

2,050,461

2,298,520

Profit and loss account

(1,729,900)

(1,093,754)

Shareholders' funds

 

1,190,571

2,074,776

 

Mosimann's Limited

(Registration number: 02186889)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 May 2024 and signed on its behalf by:
 

.........................................
A Mosimann
Director

 

Mosimann's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11B West Halkin Street
London
SW1X 8JL

These financial statements were authorised for issue by the Board on 1 May 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.

The company's functional and presentational currency is Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, having sold a freehold property and generated substantial funds therefrom, the directors have a reasonable expectation that the company can continue in operational existence and meet its liabilities as and when the fall due for a period of not less than 12 months. Accordingly, the directors continue to prepare the financial statements on a going concern basis.

Revenue recognition

Revenue represents amounts receivable from restaurant services, membership income and outside catering revenue net of VAT and trade discounts.
Revenue from the sale of food and beverages is recognised as soon as the service is provided.
Membership income is recognised on receipt and is not time apportioned as no rebate is payable on termination of membership.

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 account in the same period as the related expenditure.

 

Mosimann's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Buildings

2% straight line

Land and buildings leasehold

over the length of the lease

Plant and machinery

25% straight line

Motor vehicles

25% straight line

Fixtures, fittings and equipment

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

Mosimann's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Mosimann's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 directors) during the year, was 85 (2022 - 55).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

6,489,373

738,600

152,501

7,380,474

Revaluation

(415,000)

-

-

(415,000)

Additions

-

77,276

-

77,276

Disposals

-

-

(1,660)

(1,660)

At 31 March 2023

6,074,373

815,876

150,841

7,041,090

Depreciation

At 1 April 2022

2,864,278

534,068

130,043

3,528,389

Charge for the year

54,976

43,939

6,846

105,761

Eliminated on disposal

-

-

(1,750)

(1,750)

Impairment

(274,882)

-

-

(274,882)

At 31 March 2023

2,644,372

578,007

135,139

3,357,518

Carrying amount

At 31 March 2023

3,430,001

237,869

15,702

3,683,572

At 31 March 2022

3,625,095

204,532

22,458

3,852,085

Included within the net book value of land and buildings above is £3,430,001 (2022 - £3,625,095) in respect of freehold land and buildings, £Nil (2022 - £Nil) in respect of long leasehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Mosimann's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

23,000

23,000

At 31 March 2023

23,000

23,000

Carrying amount

At 31 March 2023

23,000

23,000

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

184,137

145,805

7

Debtors

Current

2023
£

2022
£

Trade debtors

178,330

160,470

Prepayments

188,069

174,361

Other debtors

41,429

95,458

 

407,828

430,289

 

Mosimann's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

734,377

320,240

Trade creditors

 

548,985

558,130

Taxation and social security

 

269,970

126,368

Accruals and deferred income

 

168,795

55,782

Other creditors

 

726,352

589,022

 

2,448,479

1,649,542

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

291,135

405,781

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

284,167

394,167

Hire purchase contracts

6,968

11,614

291,135

405,781

Current loans and borrowings

2023
£

2022
£

Bank borrowings

110,000

110,000

Bank overdrafts

619,732

205,595

Hire purchase contracts

4,645

4,645

734,377

320,240

Bank borrowings

The bank borrowings relate to a business interruption loan which is denominated in [£]with a nominal interest rate of 3.99% above the base rate and the final instalment is due on 24 September 2026. The carrying amount at the year end is £394,167 (2022 - £504,167).

 

Mosimann's Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Bank securities held

The bank holds security by way of charges over the company's properties, fixed charges over the company's book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary shares of £1 each

270,000

270,000

270,000

270,000

B Ordinary shares of £1 each

10

10

10

10

270,010

270,010

270,010

270,010

11

Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases totalling £165,000 (2022: £385.000).

12

Non adjusting events after the financial period

In February 2024, the company sold one of its freehold properties for consideration of £2,550,000.

13

Related party transactions

Included in other debtors is an amount of £24,330 (2022 - £20,734) owed by the directors.

Included in other creditors is an amount of £243,869 (2022 - £70,925) owed to a director.

These balances are interest free and repayable on demand.