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REGISTERED NUMBER: 08444710 (England and Wales)









Financial Statements

for the Year Ended 31 August 2023

for

Bluegrass Restaurants Ltd

Bluegrass Restaurants Ltd (Registered number: 08444710)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Bluegrass Restaurants Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTORS: S Brown
Mrs C Brown
D Stimpson





REGISTERED OFFICE: Spring Coppice Farm
Speen
Princes Risborough
HP27 0SU





REGISTERED NUMBER: 08444710 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Bluegrass Restaurants Ltd (Registered number: 08444710)

Statement of Financial Position
31 August 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 444,985 567,025

CURRENT ASSETS
Inventories 43,309 56,416
Debtors 5 114,092 142,148
Cash at bank and in hand 52,898 11,576
210,299 210,140
CREDITORS
Amounts falling due within one year 6 (354,917 ) (409,086 )
NET CURRENT LIABILITIES (144,618 ) (198,946 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

300,367

368,079

CREDITORS
Amounts falling due after more than one
year

7

(294,291

)

(283,261

)

PROVISIONS FOR LIABILITIES 9 (29,804 ) (36,229 )
NET (LIABILITIES)/ASSETS (23,728 ) 48,589

CAPITAL AND RESERVES
Called up share capital 235,294 235,294
Share premium 14,706 14,706
Retained earnings (273,728 ) (201,411 )
SHAREHOLDERS' FUNDS (23,728 ) 48,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:



Mrs C Brown - Director


Bluegrass Restaurants Ltd (Registered number: 08444710)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Bluegrass Restaurants Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of food and beverages, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - straight line over the life of the lease
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leasing commitments
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Government grants
Government grants are recognised as income when the grant proceeds are received or receivable.The grant proceeds are recognised gross as other operating income within the financial statements, with the related costs in the period in which they are intended to compensate being presented in the appropriate expense category.

Bluegrass Restaurants Ltd (Registered number: 08444710)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis. This basis is dependent on continued support from the company's directors. No adjustments have been made in the financial statements which would result from a withdrawal of that support.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2022 - 50 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2022 722,197 909,711 21,910 1,653,818
Additions 1,691 - - 1,691
At 31 August 2023 723,888 909,711 21,910 1,655,509
DEPRECIATION
At 1 September 2022 413,626 657,647 15,520 1,086,793
Charge for year 56,873 61,380 5,478 123,731
At 31 August 2023 470,499 719,027 20,998 1,210,524
NET BOOK VALUE
At 31 August 2023 253,389 190,684 912 444,985
At 31 August 2022 308,571 252,064 6,390 567,025

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022
and 31 August 2023 21,910
DEPRECIATION
At 1 September 2022 15,520
Charge for year 5,478
At 31 August 2023 20,998
NET BOOK VALUE
At 31 August 2023 912
At 31 August 2022 6,390

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,310 24,258
Other debtors 24,491 26,069
Tax 42,302 49,012
Prepayments 34,989 42,809
114,092 142,148

Bluegrass Restaurants Ltd (Registered number: 08444710)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 50,000 50,000
Hire purchase contracts 3,950 3,950
Trade creditors 110,399 129,361
Tax 4,288 -
Social security and other taxes 27,789 35,441
VAT 90,161 103,499
Other creditors 18,743 18,177
Accruals and deferred income 49,587 68,658
354,917 409,086

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 141,667 191,687
Hire purchase contracts 987 4,937
Directors' loan accounts 151,637 86,637
294,291 283,261

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 141,667 191,687

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 29,804 41,058
Tax losses carried forward - (4,829 )
29,804 36,229

Deferred
tax
£   
Balance at 1 September 2022 36,229
Provided during year (6,425 )
Balance at 31 August 2023 29,804