Endeavour Restaurants Ltd 13792013 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is McDonald's restarant franchise Digita Accounts Production Advanced 6.30.9574.0 true true 13792013 2023-01-01 2023-12-31 13792013 2023-12-31 13792013 bus:OrdinaryShareClass1 2023-12-31 13792013 bus:OrdinaryShareClass2 2023-12-31 13792013 core:FinanceLeases core:CurrentFinancialInstruments 2023-12-31 13792013 core:FinanceLeases core:Non-currentFinancialInstruments 2023-12-31 13792013 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-12-31 13792013 core:CurrentFinancialInstruments 2023-12-31 13792013 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13792013 core:Non-currentFinancialInstruments 2023-12-31 13792013 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 13792013 core:OtherResidualIntangibleAssets 2023-12-31 13792013 core:FurnitureFittingsToolsEquipment 2023-12-31 13792013 core:MotorVehicles 2023-12-31 13792013 bus:SmallEntities 2023-01-01 2023-12-31 13792013 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13792013 bus:FilletedAccounts 2023-01-01 2023-12-31 13792013 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13792013 bus:RegisteredOffice 2023-01-01 2023-12-31 13792013 bus:Director1 2023-01-01 2023-12-31 13792013 bus:Director2 2023-01-01 2023-12-31 13792013 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13792013 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 13792013 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13792013 core:Goodwill 2023-01-01 2023-12-31 13792013 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 13792013 core:ComputerEquipment 2023-01-01 2023-12-31 13792013 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 13792013 core:MotorVehicles 2023-01-01 2023-12-31 13792013 core:PlantMachinery 2023-01-01 2023-12-31 13792013 core:Vehicles 2023-01-01 2023-12-31 13792013 countries:England 2023-01-01 2023-12-31 13792013 2022-12-31 13792013 core:OtherResidualIntangibleAssets 2022-12-31 13792013 core:FurnitureFittingsToolsEquipment 2022-12-31 13792013 core:MotorVehicles 2022-12-31 13792013 2021-12-09 2022-12-31 13792013 2022-12-31 13792013 bus:OrdinaryShareClass1 2022-12-31 13792013 bus:OrdinaryShareClass2 2022-12-31 13792013 core:FinanceLeases core:CurrentFinancialInstruments 2022-12-31 13792013 core:FinanceLeases core:Non-currentFinancialInstruments 2022-12-31 13792013 core:CurrentFinancialInstruments 2022-12-31 13792013 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13792013 core:Non-currentFinancialInstruments 2022-12-31 13792013 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 13792013 core:OtherResidualIntangibleAssets 2022-12-31 13792013 core:FurnitureFittingsToolsEquipment 2022-12-31 13792013 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13792013

Endeavour Restaurants Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Endeavour Restaurants Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Endeavour Restaurants Ltd

Company Information

Directors

Mr A K Raju

Mrs J H Raju

Registered office

32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

Accountants

Munslows Accountants Ltd
Chartered Certified Accountants
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

 

Endeavour Restaurants Ltd

(Registration number: 13792013)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,916

3,065

Tangible assets

5

164,483

75,879

Other financial assets

6

2,500

2,500

 

168,899

81,444

Current assets

 

Stocks

7

52,621

42,540

Debtors

8

24,755

34,667

Cash at bank and in hand

 

1,219,553

1,316,212

 

1,296,929

1,393,419

Creditors: Amounts falling due within one year

9

(1,017,299)

(1,380,550)

Net current assets

 

279,630

12,869

Total assets less current liabilities

 

448,529

94,313

Creditors: Amounts falling due after more than one year

9

(100,718)

(56,250)

Provisions for liabilities

(39,394)

(13,377)

Net assets

 

308,417

24,686

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

308,317

24,586

Shareholders' funds

 

308,417

24,686

For the financial year ending 31 December 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 year 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.

 

Endeavour Restaurants Ltd

(Registration number: 13792013)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mr A K Raju
Director

 

Endeavour Restaurants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

These financial statements were authorised for issue by the Board on 9 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.

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.

 

Endeavour Restaurants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Restaurant plant and equipment

Between 3 and 10 years straight line

Office equipment

Between 3 and 10 years straight line

Motor vehicles

4 years straight line

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

Stamp duty land tax

Straight line over the life of the lease

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.

 

Endeavour Restaurants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Endeavour Restaurants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 year, was 225 (2022 - 257).

 

Endeavour Restaurants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Stamp duty
 £

Total
£

Cost or valuation

At 1 January 2023

3,448

3,448

At 31 December 2023

3,448

3,448

Amortisation

At 1 January 2023

383

383

Amortisation charge

1,149

1,149

At 31 December 2023

1,532

1,532

Carrying amount

At 31 December 2023

1,916

1,916

At 31 December 2022

3,065

3,065

5

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

79,625

-

79,625

Additions

33,616

73,302

106,918

At 31 December 2023

113,241

73,302

186,543

Depreciation

At 1 January 2023

3,746

-

3,746

Charge for the year

16,510

1,804

18,314

At 31 December 2023

20,256

1,804

22,060

Carrying amount

At 31 December 2023

92,985

71,498

164,483

At 31 December 2022

75,879

-

75,879

 

Endeavour Restaurants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

2,500

2,500

At 31 December 2023

2,500

2,500

Impairment

Carrying amount

At 31 December 2023

2,500

2,500

7

Stocks

2023
£

2022
£

Other inventories

52,621

42,540

8

Debtors

Current

2023
£

2022
£

Trade debtors

-

2,206

Prepayments

24,755

32,461

 

24,755

34,667

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

25,035

15,000

Trade creditors

 

281,094

733,758

Taxation and social security

 

458,745

399,259

Accruals and deferred income

 

115,501

210,719

Other creditors

 

136,924

21,814

 

1,017,299

1,380,550

 

Endeavour Restaurants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

100,718

56,250

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

75

75

75

75

Ordianry B shares of £1 each

25

25

25

25

100

100

100

100

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

41,250

56,250

Finance lease liabilities

59,468

-

100,718

56,250

Current loans and borrowings

2023
£

2022
£

Bank borrowings

15,000

15,000

Finance lease liabilities

10,035

-

25,035

15,000