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REGISTERED NUMBER: NI646249 (Northern Ireland)















CAFE PARISIEN (BELFAST) LIMITED

Financial Statements for the Year Ended 31 October 2023






CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CAFE PARISIEN (BELFAST) LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Paul Hill
Nicholas Hill
Colin Johnston
Tiarnán O'Neill
Israel Robb



REGISTERED OFFICE: C/o Carson McDowell LLP
Murray House
Murray Street
Belfast
Antrim
BT1 6DN



REGISTERED NUMBER: NI646249 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: AIB
78 Wellington Street
Ballymena
Antrim
BT43 6AF



SOLICITORS: Mills Selig
21 Arthur Street
Belfast
BT1 4GA

CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Statement of Financial Position
31 OCTOBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 20,563 25,813
Tangible assets 6 293,628 331,727
314,191 357,540

CURRENT ASSETS
Stocks 7 14,075 18,959
Receivables: amounts falling due within
one year

8

35,194

44,407
Cash at bank 23,731 27,597
73,000 90,963
PAYABLES
Amounts falling due within one year 9 (453,554 ) (364,929 )
NET CURRENT LIABILITIES (380,554 ) (273,966 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(66,363

)

83,574

PAYABLES
Amounts falling due after more than
one year

10

(337,658

)

(394,677

)
NET LIABILITIES (404,021 ) (311,103 )

CAPITAL AND RESERVES
Called up share capital 12 240,000 240,000
Retained earnings (644,021 ) (551,103 )
SHAREHOLDERS' FUNDS (404,021 ) (311,103 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Tiarnán O'Neill - Director


CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Café Parisien (Belfast) Limited is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is the provision of restaurant and bar facilities.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention, unless other specified within these accounting policies.

Going concern
At 31 October 2023, the company had a closing net deficit of £404,021 (2022: £311,103). The company continues to face challenges due to the current economic environment and cost pressures. One element of such cost pressures, which will have a fundamental impact on the results of the business in the future is the outcome of a rent review completed in April 2024 in respect of a lease agreement entered into between the company and its landlord for the main business premises located at Cleaver House, Donegall Place, Belfast. The rent review outlines a significant increase in annual rental charge for the premise with the intention being that this is backdated to July 2023, being the original rent review date. The company is currently challenging the outcome of the rent review and is engaged in ongoing communications with the landlord in respect of this matter, the outcome of which is unknown at the date of approval of the financial statements. Management have prepared a cash flow forecast to ensure that the company can meet its operating and debt service commitments for a period of 12 months from the date of signing the financial statements, including the impact of the rent review noted. The directors have obtained confirmation that the company has underlying support from Eirmon Holdings Limited, related group, and its subsidiaries, for a period of at least 12 months from the date of signing these financial statements. It is on this basis, that the directors have prepared the financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgements, estimates and assumptions used in the financial statements are based upon management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable.

Judgements, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances

Judgements
No critical judgements have been made in applying the company's accounting policies.

Estimates and Assumptions
No critical estimates have been made in applying the company's accounting policies.

CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Revenue
Revenue recognised in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its performance. With respect to food and bar income, revenue is recognised at the point service is provided.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers 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 Income Statement over its useful economic life.

The directors are of the opinion that the goodwill has a maximum useful life of 10 years.

At each reporting date the company assesses whether there is indication of impairment. If such impairment exists, the recoverable amount of the asset determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Property, plant and equipment
Property, plant and equipment 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and Fittings10% Straight line
Office Equipment25% Straight line
Short life assets50% 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 the Income Statement.

Inventories
Inventories are valued 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 inventory is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.


CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare
a Statement of Cash Flows because it is classified as a small company.

Foreign currencies
The Company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.

Operating leases: the company as lessee
Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

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.

Defined pension contribution
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 the Income Statement 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.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank-loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

- at fair value with changes recognised in the Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably;

- at cost, less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 7 ) .

CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 November 2022
and 31 October 2023 52,500
AMORTISATION
At 1 November 2022 26,687
Amortisation for year 5,250
At 31 October 2023 31,937
NET BOOK VALUE
At 31 October 2023 20,563
At 31 October 2022 25,813

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Short life Office
fittings assets equipment Totals
£ £ £ £
COST
At 1 November 2022 588,107 35,651 71,104 694,862
Additions 21,961 - 4,656 26,617
At 31 October 2023 610,068 35,651 75,760 721,479
DEPRECIATION
At 1 November 2022 277,087 35,651 50,397 363,135
Charge for year 59,657 - 5,059 64,716
At 31 October 2023 336,744 35,651 55,456 427,851
NET BOOK VALUE
At 31 October 2023 273,324 - 20,304 293,628
At 31 October 2022 311,020 - 20,707 331,727

7. STOCKS
2023 2022
£ £
Inventories 14,075 18,959

In the opinion of the directors the replacement cost of the stock did not differ significantly from the figure shown.

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 201 -
Amounts owed by related parties - 10,000
Prepayments 34,993 34,407
35,194 44,407

CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 11)
46,945

34,744
Trade payables 60,761 52,627
Amounts owed to related parties 151,765 144,448
Social security and other taxes 41,455 25,981
Other payables 88,405 57,690
Accruals and deferred income 64,223 49,439
453,554 364,929

Amounts owed to related parties are unsecured and repayable on demand and except those which are financing in nature whereby a market rate of interest is charged.

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans (see note 11) 102,658 147,676
Other loans (see note 11) 125,000 125,000
Amounts owed to related parties 80,000 80,000
Other creditors 30,000 42,001
337,658 394,677

Amounts owed to related parties are unsecured and repayable on demand and except those which are financing in nature whereby a market rate of interest is charged.

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 46,945 34,744

Amounts falling due between one and two years:
Bank loans 102,658 147,676

Amounts falling due between two and five years:
Other loans 125,000 125,000

Security in place in relation to the loan above is as follows:

First-ranking debenture incorporating a charge over all of the assets of Cafe Parisien (Belfast) Limited.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
240,000 Ordinary Shares £1 240,000 240,000

CAFE PARISIEN (BELFAST) LIMITED (REGISTERED NUMBER: NI646249)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

14. OTHER FINANCIAL COMMITMENTS

At 31 October 2023 the Company had total future minimum lease payments due under non-cancellable operating leases as follows:

20232022
£   £   
Commitments under operating leases389,434472,946

15. RELATED PARTY DISCLOSURES

During the period the company traded with Galgorm Manor Hotel Limited, Fratelli (Belfast) Ltd, Pig and Chicken Inn Ltd and 1614 Limited, all related parties by virtue of common control and common directors.

Sales to Galgorm Manor Hotel Limited totalled £8,702 (2022: £19,457) and purchases of £91,848 (2022: £19,457) with a balance owed by Café Parisien (Belfast) Limited of £222,496 (2022: £206,078) at the year end.

Sales to Fratelli (Belfast) Ltd totalled £12,167 (2022: £26,004) and purchases of £33,285 (2022: 26,004) with a balance owed by Café Parisien (Belfast) Limited of £3,548 (2022: £11,768) at the year end.

Sales to Pig and Chicken Inn Ltd totalled £Nil (2022: £10,543) and purchases of £14,609 (2022: £10,543) with a balance owed by Café Parisien (Belfast) Limited of £4,642 (2022: £6,296) at the year end.

Sales to 1614 Limited totalled £1,724 (2022: £3,025) and purchases of £1,576 (2022: £3,025) with a balance owed by Cafe Parisien Limited of £1,237 (2022: £306) at the year end.

The company was due a balance of £Nil (2022: £10,000) from Tullymore House Limited at the year end.

There are shareholder loans payable of £125,000 (2022: £125,000) at the year end. Interest is charged on these loans at market rate with no fixed repayment date.

Loans payable to Galgorm Manor Hotel Limited of £80,000 (2022:£80,000) at the year end. Interest is charged on these loans at a market rate with no fixed repayment date.

16. ULTIMATE CONTROLLING PARTY

The Directors are considered to be the ultimate controlling party of Cafe Parisien (Belfast) Ltd by virtue of their shareholding.