Company Registration No. NI628593 (Northern Ireland)
BIG BUBBA BURGERS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
BIG BUBBA BURGERS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
BIG BUBBA BURGERS LTD
COMPANY INFORMATION
- 1 -
Director
Stephen Hill
Company secretary
Rita Hill
Company number
NI628593
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
Unit 2
Omni Park
Highfield Road
Craigavon
BT64 3AD
Bankers
Allied Irish Bank
35 University Road
Belfast
BT7 1ND
BIG BUBBA BURGERS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
327,124
378,415
Current assets
Stocks
4
33,845
34,689
Debtors
5
445,703
73,112
Cash at bank and in hand
46,362
24,955
525,910
132,756
Creditors: amounts falling due within one year
6
(904,429)
(432,486)
Net current liabilities
(378,519)
(299,730)
Total assets less current liabilities
(51,395)
78,685
Creditors: amounts falling due after more than one year
7
-
0
(938)
Provisions for liabilities
8
(19,100)
(38,600)
Net (liabilities)/assets
(70,495)
39,147
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(70,595)
39,047
Total equity
(70,495)
39,147
The notes on pages 4 to 10 form part of these financial statements
Compiled without audit or independent verification
BIG BUBBA BURGERS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
Directors' statement in respect of 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 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.

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

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 Standards FRS102 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. NI628593
The notes on pages 4 to 10 form part of these financial statements
Compiled without audit or independent verification
BIG BUBBA BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
General information and basis of preparation

Big Bubba Burgers 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.

1.1
Turnover

Turnover represents the total invoice value, excluding value added taxation, of services provided and disbursements during the year.

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
Equipment
15% reducing balance
Fixtures & Fittings
15% reducing balance
Motor vehicles
20% 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

Stock is valued 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.

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.

BIG BUBBA BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

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.

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.

BIG BUBBA BURGERS 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

BIG BUBBA BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
66
61
3
Tangible fixed assets
Leasehold improvements
Equipment
Fixtures & Fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
173,313
326,573
568,734
50,000
1,118,620
Additions
-
0
5,006
3,123
-
0
8,129
At 30 September 2023
173,313
331,579
571,857
50,000
1,126,749
Depreciation and impairment
At 1 October 2022
171,268
201,304
343,233
24,400
740,205
Depreciation charged in the year
846
19,157
34,297
5,120
59,420
At 30 September 2023
172,114
220,461
377,530
29,520
799,625
Carrying amount
At 30 September 2023
1,199
111,118
194,327
20,480
327,124
At 30 September 2022
2,045
125,269
225,501
25,600
378,415
4
Stocks
2023
2022
£
£
Stocks
33,845
34,689
BIG BUBBA BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
44,467
47,300
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
401,236
25,812
Total debtors
445,703
98,924
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
-
0
11,250
Trade creditors
419,867
333,845
Other taxation and social security
443,906
59,838
Accruals
40,656
27,553
904,429
432,486
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
-
0
938

 

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
19,100
38,600
BIG BUBBA BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
8
Deferred taxation
(Continued)
- 9 -
2023
Movements in the year:
£
Liability at 1 October 2022
38,600
Credit to profit or loss
(19,500)
Liability at 30 September 2023
19,100
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
Leases

At the reporting end date the company had outstanding annual commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Rent charges:
In over five years
144,000
144,000
11
Capital commitments

The company had no capital commitments as at 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 Big Bubba Burgers Ltd and other group undertakings.

 

At 30 September 2023 the amount owed by related parties amounted to £401,236 (2022: £25,812 owed to related parties).

 

The company provided a letter of guarantee to support borrowings of 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.

BIG BUBBA BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
14
Going Concern

At the end of the period there was a deficit in the balance sheet of £70,495. The director has reviewed post period end trading and is confident that the company will be profitable and will return to a solvent position within the foreseeable future. The company is dependent on the continued support of the related entities.

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