Company Registration No. NI602762 (Northern Ireland)
WGB RESTAURANTS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
WGB RESTAURANTS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
WGB RESTAURANTS LTD
COMPANY INFORMATION
- 1 -
Director
Stephen Hill
Company secretary
Rita Hill
Company number
NI602762
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Independent accountants
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
Unit 2
Port of Larne Retail Park
Redlands Road
Larne
BT40 1AX
Bankers
AIB (NI)
11-15 Donegall Square North
Belfast
BT1 5GB
WGB RESTAURANTS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
107,056
122,252
Current assets
Stocks
4
23,992
24,926
Debtors
5
626,226
490,137
Cash at bank and in hand
17,746
12,160
667,964
527,223
Creditors: amounts falling due within one year
6
(462,255)
(328,104)
Net current assets
205,709
199,119
Total assets less current liabilities
312,765
321,371
Creditors: amounts falling due after more than one year
7
(4,921)
Provisions for liabilities
9
(31,200)
(34,500)
Net assets
281,565
281,950
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
281,564
281,949
Total equity
281,565
281,950
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
WGB RESTAURANTS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
Director's statement in respect to the financial statements
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard 102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Stephen Hill
...........................
Stephen Hill
Director
Company Registration No. NI602762
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
WGB RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
General information and basis of preparation
WGB Restaurants Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.1
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold adaptations
20% straight line
Fixtures and fittings
15% reducing balance
Equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WGB RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WGB RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
40
39
WGB RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
3
Tangible fixed assets
Leasehold adaptations
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
52,488
239,021
134,658
29,678
455,845
Additions
850
4,083
4,933
At 30 September 2023
53,338
243,104
134,658
29,678
460,778
Depreciation
At 1 October 2022
52,488
170,520
94,123
16,462
333,593
Depreciation charged in the year
156
10,590
6,079
3,304
20,129
At 30 September 2023
52,644
181,110
100,202
19,766
353,722
Net book value
At 30 September 2023
694
61,994
34,456
9,912
107,056
At 30 September 2022
68,501
40,535
13,216
122,252
4
Stocks
2023
2022
£
£
Stocks
23,992
24,926
5
Debtors
2023
2022
£
£
Prepayments
19,118
21,017
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by related companies
607,108
469,120
Total debtors
626,226
490,137
WGB RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,109
8,788
Obligations under finance leases
4,921
5,149
Trade creditors
173,653
124,824
Corporation tax
12,790
16,399
Other taxation and social security
241,150
152,823
Accruals
17,632
20,121
462,255
328,104
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
4,921
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
5,829
6,057
In two to five years
-
4,921
5,829
10,978
Less: future finance charges
(908)
(908)
4,921
10,070
Included in liabilities falling due within one year
(4,921)
(5,149)
-
4,921
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
31,200
34,500
WGB RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9
Deferred taxation
(Continued)
- 9 -
2023
Movements in the year:
£
Liability at 1 October 2022
34,500
Credit to profit or loss
(3,300)
Liability at 30 September 2023
31,200
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
11
Financial commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
78,000
78,000
12
Control
The company is a wholly owned subsidiary of Revolutionary Burgers Ltd.
13
Capital commitments
The company had no capital commitments at the year end 30 September 2023 and 30 September 2022.
14
Related party transactions
During the year, there were transactions between WGB Restaurants Ltd and other group undertakings. At 30 September 2023, the balance due from group undertakings amounted to £607,108 (2022: £469,120). This is included within debtors due after one year and no interest is charged on these loans.
The company provided a letter of guarantee to support borrowings for related group companies supported by a mortgage debenture incorporating a fixed and floating charge on all assets of the company in favour of AIB Group (UK) PLC. Details of the amounts owed at the year end are included in the accounts of the parent company, Revolutionary Burgers Ltd.