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REGISTERED NUMBER: 13875586 (England and Wales)


CTM Restaurants Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2024






CTM Restaurants Limited (Registered number: 13875586)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Abridged Statement of Financial Position 3

Notes to the Financial Statements 5


CTM Restaurants Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr J Mouralidarane
Dr A C Mouralidarane
Mr C Z Mouralidarane





SECRETARY: Mrs R C Mouralidarane





REGISTERED OFFICE: 167-169 Great Portland Street
5th Floor
London
W1W 5PF





REGISTERED NUMBER: 13875586 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
CTM Restaurants Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CTM Restaurants Limited for the year ended 31 March 2024 which comprise the Abridged Statement of Income and Retained Earnings, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of CTM Restaurants Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CTM Restaurants Limited and state those matters that we have agreed to state to the Board of Directors of CTM Restaurants Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CTM Restaurants Limited and its Board of Directors, as a body, for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the financial statements of CTM Restaurants 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 financial statements.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


6 August 2024

CTM Restaurants Limited (Registered number: 13875586)

Abridged Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 37,506 -
Property, plant and equipment 5 4,548,538 3,577,999
4,586,044 3,577,999

CURRENT ASSETS
Inventories 35,532 5,675
Debtors 603,739 436,043
Cash at bank and in hand 242,043 357,019
881,314 798,737
CREDITORS
Amounts falling due within one year 1,556,801 1,456,969
NET CURRENT LIABILITIES (675,487 ) (658,232 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,910,557

2,919,767

CREDITORS
Amounts falling due after more than one
year

6

(3,565,254

)

(2,890,821

)

PROVISIONS FOR LIABILITIES 9 (741,120 ) (380,844 )
NET LIABILITIES (395,817 ) (351,898 )

CTM Restaurants Limited (Registered number: 13875586)

Abridged Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 (395,917 ) (351,998 )
SHAREHOLDERS' FUNDS (395,817 ) (351,898 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 August 2024 and were signed on its behalf by:





Dr A C Mouralidarane - Director


CTM Restaurants Limited (Registered number: 13875586)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

CTM Restaurants Limited 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the ordinary activities of the business and is recognised when the customers take delivery of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - straight line over the life of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 20% 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.


CTM Restaurants Limited (Registered number: 13875586)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 220 (2023 - 79 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 40,220
At 31 March 2024 40,220
AMORTISATION
Amortisation for year 2,714
At 31 March 2024 2,714
NET BOOK VALUE

At 31 March 2024 37,506

CTM Restaurants Limited (Registered number: 13875586)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 April 2023 3,736,717
Additions 1,730,058
Disposals (25,101 )
At 31 March 2024 5,441,674
DEPRECIATION
At 1 April 2023 158,718
Charge for year 737,420
Eliminated on disposal (3,002 )
At 31 March 2024 893,136
NET BOOK VALUE
At 31 March 2024 4,548,538
At 31 March 2023 3,577,999

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 1,027,151 530,309

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 763,000
Between one and five years - 2,499,462
In more than five years - 1,776,775
- 5,039,237

CTM Restaurants Limited (Registered number: 13875586)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,224,780 2,568,449

The following securities have been provided to the Bank:
1) Debenture in HSBC's favour from CTM Restaurants Limited,
2) Guarantee in HSBC's favour from Iceking Restaurants Ltd, J M Restaurants Ltd, CM Restaurant Ltd, Mandoth Restaurants Ltd and CTM Restaurants Ltd,
3) Agreement between Jonathan Mouralidarane (the Subordinated Creditor(s), CTM Restaurants Limited and HSBC to postpone certain repayment of all indebtedness which CTM Restaurants Limited owes to the Subordinated Creditor(s),
4) Agreement between CM Restaurants Ltd (the Subordinated Creditor(s), CTM Restaurants Limited and HSBC to postpone certain repayment of £1,100,000 which CTM Restaurants Limited owes to the Subordinated Creditor(s).

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 741,120 380,844

Deferred
tax
£   
Balance at 1 April 2023 380,844
Provided during year 360,276
Balance at 31 March 2024 741,120

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

CTM Restaurants Limited (Registered number: 13875586)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

11. RESERVES
Retained
earnings
£   

At 1 April 2023 (351,998 )
Deficit for the year (43,919 )
At 31 March 2024 (395,917 )

12. RELATED PARTY DISCLOSURES

Included within creditors are amounts due to key management personnel of £4,003 at the balance sheet date. No interest is charged on this balance and no set repayment terms are in place.

There is a loan from CM Restaurant Limited of £730,000 and this is interest free.
This is a subordinated loan and covered by a deed of undertaking given to HSBC Bank that the company will not repay the creditor and the creditor shall not accept repayment from the company of any part of the loan.
The undertaking cannot be discharged or released or varied by any arrangement between the Creditor and the Company without prior written consent of HSBC Bank and remains a continuing security binding the creditor regardless of any change in style or constitution of the Company.