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REGISTERED NUMBER: 12570840 (England and Wales)















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: G P Arricale
A T W Harris
F M Redon
D J Till





REGISTERED OFFICE: Stratton House
5 Stratton Street
London
W1J 8LA





REGISTERED NUMBER: 12570840 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
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 1,145,552 1,328,902
Investments 5 1,314 1,314
1,146,866 1,330,216

CURRENT ASSETS
Stocks 54,158 97,734
Debtors 6 579,877 811,786
Cash at bank and in hand 83,830 243,941
717,865 1,153,461
CREDITORS
Amounts falling due within one year 7 2,494,337 1,682,296
NET CURRENT LIABILITIES (1,776,472 ) (528,835 )
TOTAL ASSETS LESS CURRENT LIABILITIES (629,606 ) 801,381

CREDITORS
Amounts falling due after more than one year 8 - 498,000
NET (LIABILITIES)/ASSETS (629,606 ) 303,381

CAPITAL AND RESERVES
Called up share capital 10 22,667 22,667
Share premium 3,897,333 3,897,333
Shares to be issued 600,000 -
Retained earnings (5,149,606 ) (3,616,619 )
SHAREHOLDERS' FUNDS (629,606 ) 303,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




A T W Harris - Director


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 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.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - over the life of the lease
Fixtures and fittings - 25% on cost
Motor vehicles - 33.3% on cost
Office equipment - 25% on cost

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 32 (2022 - 70 ) .

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 1,512,950 601,652 2,667 26,527 2,143,796
Additions 30,811 10,795 - 717 42,323
At 30 June 2023 1,543,761 612,447 2,667 27,244 2,186,119
DEPRECIATION
At 1 July 2022 374,028 425,161 611 15,094 814,894
Charge for year 141,034 80,993 667 2,979 225,673
At 30 June 2023 515,062 506,154 1,278 18,073 1,040,567
NET BOOK VALUE
At 30 June 2023 1,028,699 106,293 1,389 9,171 1,145,552
At 30 June 2022 1,138,922 176,491 2,056 11,433 1,328,902

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 1,314
NET BOOK VALUE
At 30 June 2023 1,314
At 30 June 2022 1,314

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Chucs Bar and Grill Limited
Registered office: 3 Cadogan Gate, London, United Kingdom, SW1X 0AS
Nature of business: Licensed restaurants
%
Class of shares: holding
Ordinary A, B, C 84.00

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 97,759 255,408
Other debtors 190,234 256,856
Prepayments and accrued income 226,884 299,522
514,877 811,786

Amounts falling due after more than one year:
Other debtors 65,000 -

Aggregate amounts 579,877 811,786

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 925,127 1,093,496
Social security and other taxes 128,588 70,291
VAT 74,140 151,210
Other creditors 865,727 14,214
Directors' loan accounts 42,000 -
Accruals and deferred income 458,755 353,085
2,494,337 1,682,296

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 - 456,000
Directors' loan accounts - 42,000
- 498,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 688,745 616,176
Between one and five years 1,209,001 1,897,746
1,897,746 2,513,922

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,266,667 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.