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COMPANY REGISTRATION NUMBER: 13008678
The Park Bistro Limited
Filleted Unaudited Financial Statements
30 November 2023
The Park Bistro Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
53,396
56,270
Current assets
Stocks
2,500
2,000
Debtors
6
8,571
Cash at bank and in hand
6,946
3,494
-------
--------
9,446
14,065
Creditors: amounts falling due within one year
7
91,871
76,399
--------
--------
Net current liabilities
82,425
62,334
--------
--------
Total assets less current liabilities
( 29,029)
( 6,064)
Creditors: amounts falling due after more than one year
8
40,552
35,840
--------
--------
Net liabilities
( 69,581)
( 41,904)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 69,681)
( 42,004)
--------
--------
Shareholders deficit
( 69,581)
( 41,904)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Park Bistro Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 6 February 2024 , and are signed on behalf of the board by:
Mrs K Shepherd
Director
Company registration number: 13008678
The Park Bistro Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has considered the appropriateness of the going concern basis for the preparation of the financial statements. The director is satisfied that the shareholders are prepared to continue to support the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 5 ).
5. Tangible assets
Long leasehold property
Equipment
Total
£
£
£
Cost
At 1 December 2022
46,338
19,912
66,250
Additions
2,942
1,276
4,218
--------
--------
--------
At 30 November 2023
49,280
21,188
70,468
--------
--------
--------
Depreciation
At 1 December 2022
6,530
3,450
9,980
Charge for the year
4,818
2,274
7,092
--------
--------
--------
At 30 November 2023
11,348
5,724
17,072
--------
--------
--------
Carrying amount
At 30 November 2023
37,932
15,464
53,396
--------
--------
--------
At 30 November 2022
39,808
16,462
56,270
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
1,065
Other debtors
7,506
----
-------
8,571
----
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,430
10,000
Trade creditors
1,450
668
Social security and other taxes
4,482
10,137
Other creditors
65,509
55,594
--------
--------
91,871
76,399
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,552
34,469
Other creditors
1,371
--------
--------
40,552
35,840
--------
--------
9. Director's advances, credits and guarantees
The amount owed to the director as at 30 November 2023 amounted to £52,311 (2022: £51,538). The directors loan is interest free and repayable on demand.