Company Registration No. NI067970 (Northern Ireland)
GOURMET BURGERS IRELAND LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
GOURMET BURGERS IRELAND LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GOURMET BURGERS IRELAND LIMITED
COMPANY INFORMATION
- 1 -
Director
Stephen Hill
Company secretary
Rita Hill
Company number
NI067970
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 4a Eastpoint Entertainment Village
Old Dundonald Road
Dundonald
BT16 1XT
Bankers
AIB (NI)
11-15 Donegall Square North
Belfast
BT1 5GB
GOURMET BURGERS IRELAND LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
694
-
0
Tangible assets
4
121,489
143,971
Current assets
Stocks
5
16,969
19,550
Debtors
6
497,856
650,281
Cash at bank and in hand
18,098
17,468
532,923
687,299
Creditors: amounts falling due within one year
7
(363,736)
(281,841)
Net current assets
169,187
405,458
Total assets less current liabilities
291,370
549,429
Provisions for liabilities
8
(19,100)
(20,000)
Net assets
272,270
529,429
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
271,270
528,429
Total equity
272,270
529,429
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
GOURMET BURGERS IRELAND 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. NI067970
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
GOURMET BURGERS IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
General information and basis of preparation

Gourmet Burgers Ireland Limited 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 stated net of trade discounts, VAT and similar taxes and derives from the provision of goods and services falling within the company's ordinary activities.

1.2
License fees

License fees are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

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 improvements
20% straight line
Fixtures & fittings
15% reducing balance
Equipment
15% reducing balance
Motor vehicles
15% 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.

1.4
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.

GOURMET BURGERS IRELAND 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

GOURMET BURGERS IRELAND 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
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.
1.11
Capital instruments
Shares are included in shareholders funds.  Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economics benefits.  The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 33 (2022 - 32).

GOURMET BURGERS IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
3
Intangible fixed assets
Other
£
Cost
At 1 October 2022
7,886
Additions
850
At 30 September 2023
8,736
Amortisation and impairment
At 1 October 2022
7,886
Amortisation charged for the year
156
At 30 September 2023
8,042
Carrying amount
At 30 September 2023
694
At 30 September 2022
-
0
4
Tangible fixed assets
Leasehold improvements
Fixtures & fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022 and 30 September 2023
69,247
225,583
169,490
35,038
499,358
Depreciation and impairment
At 1 October 2022
57,007
173,318
112,808
12,255
355,388
Depreciation charged in the year
2,720
7,841
8,503
3,417
22,481
At 30 September 2023
59,727
181,159
121,311
15,672
377,869
Carrying amount
At 30 September 2023
9,520
44,424
48,179
19,366
121,489
At 30 September 2022
12,240
52,265
56,683
22,783
143,971
5
Stocks
2023
2022
£
£
Stocks
16,969
19,550
GOURMET BURGERS IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
5
Stocks
(Continued)
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
2,004
23,210
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
495,852
627,073
Total debtors
497,856
650,281
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
148,678
178,005
Corporation tax
244
3,544
Other taxation and social security
177,865
74,501
Asset finance
-
0
7,566
Accruals
36,949
18,225
363,736
281,841
8
Provisions for liabilities
2023
Deferred tax
£
Balance at 1 October 2022
20,000
Profit and loss account
(900)
Balance at 30 Spetember 2023
19,100
The deferred tax liability is made up as follows:
2023
2022
£
£
Accelerated capital allowances
19,100
20,000
GOURMET BURGERS IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
10
Financial commitments
At 30 September 2023 the company was committed to making the following payments under non-cancellable operating leases in the year to 30 September 2023
Land and buildings
2023
2022
£
£
Operating leases which expire:
Rent and Service Charges:
In over five years
89,340
77,750
11
Capital commitments

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

12
Control

The company is a wholly owned subsidiary of Revolutionary Burgers Ltd.

13
Related party transactions

During the year there were transactions between Gourmet Burgers Ireland Limited and other group undertakings.

 

At 30 September 2023 the amount owed by related parties amounted to £495,852 (2022: £627,073 ). This is included within debtors due after one year. No interest is charged on 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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