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Registration number: 14472088

Marine Food Restaurant Limited

Report of the Directors and Unaudited Financial Statements

for the Period from 9 November 2022 to 30 November 2023

 

Marine Food Restaurant Limited

Contents of The Financial Statements
for the Period from 9 November 2022 to 30 November 2023

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Marine Food Restaurant Limited

Company Information
for the Period from 9 November 2022 to 30 November 2023

Directors

Mr N A G Singer

Mr M Hassain

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Marine Food Restaurant Limited
for the Period Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marine Food Restaurant Limited for the period ended 30 November 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of Marine Food Restaurant Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Marine Food Restaurant Limited and state those matters that we have agreed to state to the Board of Directors of Marine Food Restaurant Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marine Food Restaurant Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Marine Food Restaurant Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Marine Food Restaurant Limited. You consider that Marine Food Restaurant Limited is exempt from the statutory audit requirement for the period.
 

We have not been instructed to carry out an audit or a review of the accounts of Marine Food Restaurant Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

7 August 2024

 

Marine Food Restaurant Limited

(Registration number: 14472088 )
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

18,000

Tangible assets

5

142,940

 

160,940

Current assets

 

Debtors

6

101,055

Cash at bank and in hand

 

39,047

 

140,102

Creditors: Amounts falling due within one year

7

(313,707)

Net current liabilities

 

(173,605)

Net liabilities

 

(12,665)

Capital and reserves

 

Called up share capital

100

Retained earnings

(12,765)

Shareholders' deficit

 

(12,665)

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Marine Food Restaurant Limited

(Registration number: 14472088 )
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr N A G Singer
Director

 

Marine Food Restaurant Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
England

These financial statements were authorised for issue by the Board on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Marine Food Restaurant Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 30 November 2023

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Straight Line

 

Marine Food Restaurant Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 30 November 2023

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 Years

Shorthold Lease

25 Years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Marine Food Restaurant Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 30 November 2023

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 28.

 

Marine Food Restaurant Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

20,000

20,000

At 30 November 2023

20,000

20,000

Amortisation

Amortisation charge

2,000

2,000

At 30 November 2023

2,000

2,000

Carrying amount

At 30 November 2023

18,000

18,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

7,229

160,000

167,229

At 30 November 2023

7,229

160,000

167,229

Depreciation

Charge for the period

289

24,000

24,289

At 30 November 2023

289

24,000

24,289

Carrying amount

At 30 November 2023

6,940

136,000

142,940

Included within the net book value of land and buildings above is £6,940 in respect of short leasehold land and buildings.
 

 

Marine Food Restaurant Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 30 November 2023

6

Debtors

Current

2023
£

Trade debtors

146

Prepayments

1,979

Other debtors

98,930

 

101,055

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

7,048

Taxation and social security

22,530

Accruals and deferred income

1,300

Other creditors

282,829

313,707

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

Not later than one year

39,118

Later than one year and not later than five years

199,118

Later than five years

760,000

998,236

The amount of non-cancellable operating lease payments recognised as an expense during the period was £29,990 .