REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
CHUCS RESTAURANTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
CHUCS RESTAURANTS LIMITED |
CHUCS RESTAURANTS LIMITED (REGISTERED NUMBER: 12570840) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CHUCS RESTAURANTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
CHUCS RESTAURANTS LIMITED (REGISTERED NUMBER: 12570840) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Shares to be issued |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
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 |
CHUCS RESTAURANTS LIMITED (REGISTERED NUMBER: 12570840) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Chucs Restaurants Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Accounting standards require the Directors to consider the appropriateness of the going concern basis when preparing the financial statements. The Directors believe it is appropriate to adopt the going concern basis in the preparation of the financial statements, however, in approving the financial statements, the Directors have recognised that there is a material uncertainty due to the loss making position of the company, the excess of current liabilities over current assets noted on the balance sheet at 30 June 2023. The financial statements do not include any adjustments that may arise in the event of the Company not being a going concern. Historically the company has been able to raise finance from its shareholders when required and have a reasonable expectation that they will be able to raise finance as required over this period to enable it to continue in operation and existence for the foreseeable future. However, these additional funds have not been committed at the point of signing these financial statements leading the material uncertainty. |
Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income |
Income is recognised at the point of sale when payment is made. |
Tangible fixed assets |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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 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 balance sheet date. |
CHUCS RESTAURANTS LIMITED (REGISTERED NUMBER: 12570840) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 leases: the company as lessee |
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the lease term. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 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 accounts of cash with no significant risk of change in value. |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CHUCS RESTAURANTS LIMITED (REGISTERED NUMBER: 12570840) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and | Motor | Office |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 3 Cadogan Gate, London, United Kingdom, SW1X 0AS |
Nature of business: |
% |
Class of shares: | holding |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
CHUCS RESTAURANTS LIMITED (REGISTERED NUMBER: 12570840) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 74,140 | 151,210 |
Other creditors |
Directors' loan accounts | 42,000 | - |
Accruals and deferred income |
At the balance sheet date, there are loans owed to shareholders of £868,000 included in creditors due within one year (2022: £456,000 due after one year). Interest is charged at 6% on the loans, with interest of £36,218 (2022: £12,113) charged to the profit and loss account as an interest expense. The loans are due to be repaid by 24th May 2024. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Directors' loan accounts | - | 42,000 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.01 | 22,667 | 22,667 |
During the period, the company received £600,000 cash in advance of shares being issued after the period end. The shares to be issued are 600,000 Ordinary shares of £0.01 each, with a premium of £0.99 paid for each share. At the balance sheet date, £600,000 is included in equity as shares to be issued. |
11. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £31,741 (2022: £31,319). Contributions totalling £35,690 (2022: £14,063) were payable to the fund at the reporting date and are included in creditors. |
CHUCS RESTAURANTS LIMITED (REGISTERED NUMBER: 12570840) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
12. | RELATED PARTY DISCLOSURES |
Directors |
At the balance sheet date, the company owed the director D Till £42,000 (2022: £42,000), this amount has been included within other creditors due within one year (2022: due after more than one year). Interest is charged at 6% on the loan, with interest of £2,520 (2022: £2,513) charged to the profit and loss account as an interest expense. The loan is due to be repaid by 24th May 2024. |
Oakley Capital Limited |
Oakley Capital Limited is a company in which David Till is a director. David Till was also a director of Chucs Restaurants Limited during the period. During the period, Oakley Capital Limited provided services by way of recharges to the company totalling £75,152 (2022: £40,800). An amount of £197,758 (2022: £163,256) was owed to Oakley Capital Limited at the balance sheet date. During the period, the company sold goods and provided services to Oakley Capital Limited totalling £nil (2022: £38,020). At the balance sheet date an amount of £nil (2022: £17,500) was owed from Oakley Capital Limited. |
KX U Limited |
KX U Limited is a company in which David Till, Graziano Arricale and Adrian Harris are directors. David Till, Graziano Arricale and Adrian Harris were also directors of Chucs Restaurants Limited during the period. During the period, KX U Limited provided services to the company totalling £882 (2022: £nil). An amount of £2,117 (2022: £1,235) was owed to KX U Limited at the balance sheet date. During the period, the company sold goods and provided services to KX U Limited totalling £nil (2022: £5,433). At the balance sheet date an amount of £36,604 (2022: £36,604) was owed from KX U Limited. |
KX Gym UK Limited |
KX Gym UK Limited is a company in which David Till and Graziano Arricale are directors. David Till and Graziano Arricale were also directors of Chucs Restaurants Limited during the period. During the period, KX Gym UK Limited sold goods and provided services to the company totalling £72,840 (2022: £169,880). An amount of £437,906 (2022: £392,197) was owed to KX Gym UK Limited at the balance sheet date. During the period, the company sold goods and provided services to KX Gym UK Limited totalling £44,282 (2022: 94,069). At the balance sheet date an amount of £13,899 (2022: £132,037) was owed from KX Gym UK Limited. |
Boltondene Limited |
Boltondene Limited is a company in which David Till, Graziano Arricale and Adrian Harris are directors. David Till, Graziano Arricale and Adrian Harris were also directors of Chucs Restaurants Limited during the period. During the period, Boltondene Limited sold goods and provided services to the company totalling £48,472 (2022: £15,263). An amount of £73,685 (2022: £15,263) was owed to Boltondene Limited at the balance sheet date. During the period, the company sold goods and provided services to Boltondene Limited totalling £1,824 (2022: £28,083). At the balance sheet date an amount of £4,906 (2022: £7,506) was owed from Boltondene Limited. |
13. | ULTIMATE CONTROLLING PARTY |
The directors consider there to be no ultimate controlling party. |