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Registered number: 08747382









CODA RESTAURANTS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
CODA RESTAURANTS LIMITED
REGISTERED NUMBER: 08747382

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
                                                                    Note
£
£

Fixed assets
  

Intangible assets
 4 
167,749
182,999

Tangible assets
 5 
275,584
97,454

  
443,333
280,453

Current assets
  

Stocks
  
21,679
11,369

Debtors
 6 
71,039
244,204

Cash at bank and in hand
  
385,587
218,721

  
478,305
474,294

Creditors: amounts falling due within one year
 7 
(272,310)
(146,020)

Net current assets
  
 
 
205,995
 
 
328,274

Total assets less current liabilities
  
649,328
608,727

Creditors: amounts falling due after more than one year
 8 
(376,086)
(416,086)

Provisions for liabilities
  

Other provisions
 10 
(9,000)
(8,000)

Net assets
  
 
 
264,242
 
 
184,641


Capital and reserves
  

Called up share capital 
 11 
1,200
1,200

Share premium account
  
162,000
162,000

Profit and loss account
  
101,042
21,441

  
264,242
184,641


Page 1

 
CODA RESTAURANTS LIMITED
REGISTERED NUMBER: 08747382
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.


J M Tanaka
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Coda Restaurants Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. The registered number is 08747382 and the registered office is 7 Savoy Court, London, WC2R 0EX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following annual basis:

Improvements to property
-
10%
straight line
Plant and machinery
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 5

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 6

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 17).


4.


Intangible assets




Other intangible assets

£



Cost


At 1 November 2022
305,000



At 31 October 2023

305,000



Amortisation


At 1 November 2022
122,001


Charge for the year on owned assets
15,250



At 31 October 2023

137,251



Net book value



At 31 October 2023
167,749



At 31 October 2022
182,999



Page 8

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
178,688
62,626
31,434
247,814
520,562


Additions
7,720
-
1,189
216,446
225,355



At 31 October 2023

186,408
62,626
32,623
464,260
745,917



Depreciation


At 1 November 2022
128,919
57,923
30,080
206,186
423,108


Charge for the year on owned assets
19,193
2,193
1,013
24,826
47,225



At 31 October 2023

148,112
60,116
31,093
231,012
470,333



Net book value



At 31 October 2023
38,296
2,510
1,530
233,248
275,584



At 31 October 2022
49,769
4,703
1,354
41,628
97,454


6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
45,357
44,450

Due within one year

Other debtors
-
7,488

Prepayments and accrued income
25,682
192,266

71,039
244,204


Page 9

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
40,000
40,000

Trade creditors
129,583
62,999

Other taxation and social security
54,478
16,677

Other creditors
22,263
16,267

Accruals and deferred income
25,986
10,077

272,310
146,020



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
63,333
103,333

Other creditors
312,753
312,753

376,086
416,086



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
40,000
40,000


Amounts falling due 2-5 years

Bank loans
63,333
103,333


103,333
143,333


Page 10

 
CODA RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Provisions


Dilapidations

£





At 1 November 2022
8,000


Charged to profit or loss
1,000



At 31 October 2023
9,000


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



32,400 (2022 - 32,400) Ordinary A shares of £0.01 each
324
324
52,560 (2022 - 52,560) Ordinary B shares of £0.01 each
526
526
35,040 (2022 - 35,040) Ordinary C shares of £0.01 each
350
350

1,200

1,200

All shares rank equally in all respects.



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £16,643 (2022 - £6,477). Contributions totalling £2,829 (2022 - £2,062) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

Included in other creditors at the year end is an amount of £312,753 (2022 - £312,753) due to key management personnel. Interest is paid on the loan at a rate of 1% above the NatWest bank base rate. 
The directors had an interest in dividends paid of £Nil 
(2022 - £Nil) during the year.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 31 July 2024 by Stuart Moon (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 11