Company Registration No. NI073818 (Northern Ireland)
WOLFES GOURMET BURGER COMPANY LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
WOLFES GOURMET BURGER COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
WOLFES GOURMET BURGER COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Director
Stephen Hill
Company secretary
Rita Hill
Company number
NI073818
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
Unit 6
Lisburn Leisure Park
Lisburn
BT28 1LT
Bankers
AIB (NI)
11-15 Donegall Square North
Belfast
BT1 5GB
WOLFES GOURMET BURGER COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
110,215
126,060
Current assets
Stocks
4
19,748
23,170
Debtors
5
396,084
416,846
Cash at bank and in hand
25,576
23,751
441,408
463,767
Creditors: amounts falling due within one year
6
(510,116)
(383,567)
Net current (liabilities)/assets
(68,708)
80,200
Total assets less current liabilities
41,507
206,260
Creditors: amounts falling due after more than one year
7
-
0
(3,492)
Provisions for liabilities
8
(4,900)
(16,400)
Net assets
36,607
186,368
Called up share capital
9
1,000
1,000
Profit and loss reserves
35,607
185,368
Total equity
36,607
186,368
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
WOLFES GOURMET BURGER COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
Director's statement in respect of the 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

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 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 FRS102 1A - Small Entities.

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Stephen Hill
.......................
Stephen Hill
Director
Company Registration No. NI073818
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
WOLFES GOURMET BURGER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Wolfes Gourmet Burger Company Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE.

1.1
Accounting convention

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.
1.2
Turnover

Turnover represents the total invoice value, excluding value added taxation, of goods and services falling within the company's ordinary activities.

1.3
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

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.

1.4
Stocks

Stock is valued at the lower of cost and net realisable value.

1.5
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.

WOLFES GOURMET BURGER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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.

WOLFES GOURMET BURGER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.8
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.

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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
Total
37
38
WOLFES GOURMET BURGER COMPANY LIMITED
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
28,373
219,163
142,765
18,686
408,987
Additions
-
0
2,695
-
0
455
3,150
At 30 September 2023
28,373
221,858
142,765
19,141
412,137
Depreciation and impairment
At 1 October 2022
28,373
154,935
94,096
5,523
282,927
Depreciation charged in the year
-
0
9,702
7,301
1,992
18,995
At 30 September 2023
28,373
164,637
101,397
7,515
301,922
Carrying amount
At 30 September 2023
-
0
57,221
41,368
11,626
110,215
At 30 September 2022
-
0
64,228
48,669
13,163
126,060
4
Stocks
2023
2022
£
£
Stocks
19,748
23,170
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
13,625
18,328
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
382,459
398,518
Total debtors
396,084
416,846
WOLFES GOURMET BURGER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
3,492
3,810
Trade creditors
126,292
156,736
Corporation tax
17,520
17,909
Other taxation and social security
321,628
185,564
Accruals and deferred income
41,184
19,548
510,116
383,567
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
-
0
3,492
8
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
4,900
16,400
2023
Movements in the year:
£
Liability at 1 October 2022
16,400
Credit to profit or loss
(11,500)
Liability at 30 September 2023
4,900
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
WOLFES GOURMET BURGER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
10
Financial commitments, guarantees and contingent liabilities
Land and buildings
2023
2022
£
£
Rent and Service Charges:
In over five years
76,400
76,400
11
Capital commitments

The company had no capital commitments as at 30 September 2023 and 30 September 2022.

12
Related party transactions

During the year there were transactions between Wolfes Gourmet Burger Company Limited and other group undertakings.

 

At 30 September 2023 the amount owed by related parties amounted to £382,459 (2022: £398,518). This is included within debtors due after one year. No interest is charged in this loan.

 

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.

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