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Registration number: 07749720

LTG's Cafes and Bistros Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Company Information

Directors

Mr L Gardner

Mr P Gardner

Mrs J Gardner

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

379,239

410,074

Current assets

 

Stocks

6

29,800

5,800

Debtors

7

112,472

137,163

Cash at bank and in hand

 

148,805

107,931

 

291,077

250,894

Creditors: Amounts falling due within one year

8

(569,065)

(584,684)

Net current liabilities

 

(277,988)

(333,790)

Total assets less current liabilities

 

101,251

76,284

Creditors: Amounts falling due after more than one year

8

(66,667)

(106,667)

Provisions for liabilities

(58,573)

(46,739)

Net liabilities

 

(23,989)

(77,122)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(24,089)

(77,222)

Total equity

 

(23,989)

(77,122)

For the financial year 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 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.

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Balance Sheet as at 30 November 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
Mr P Gardner
Director

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 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:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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 directors acknowledge the net liabilities at the year end, but have expressed their continued support of the company. Excluding balances owed to the directors, the company would be in a solvent position. The directors have reviewed the expectations for the following 12 months and reassert their support and confidence in the future performance of the company. As a result, the going concern basis is considered appropriate.

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.

Government grants

The Retail, Hospitality & Leisure Grant has been recognised under the accrual model and is credited to other income over the periods in which the compensated costs have been recognised.

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Short leasehold property

Over the life of the lease

Plant and machinery

20% reducing balance

Fixtures, fittings and equipment

10% 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

Goodwill

Over 10 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.

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

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.

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 32 (2022 - 33).

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

221,998

221,998

At 30 November 2023

221,998

221,998

Amortisation

At 1 December 2022

221,998

221,998

At 30 November 2023

221,998

221,998

Carrying amount

At 30 November 2023

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £6,296 (2022 - £7,676).
 

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

323,664

328,895

14,748

667,307

Additions

-

18,198

1,333

19,531

Disposals

-

-

(958)

(958)

At 30 November 2023

323,664

347,093

15,123

685,880

Depreciation

At 1 December 2022

88,432

158,112

10,689

257,233

Charge for the year

20,606

28,342

1,104

50,052

Eliminated on disposal

-

-

(644)

(644)

At 30 November 2023

109,038

186,454

11,149

306,641

Carrying amount

At 30 November 2023

214,626

160,639

3,974

379,239

At 30 November 2022

235,232

170,783

4,059

410,074

Included within the net book value of land and buildings above is £2 (2022 - £2) in respect of long leasehold land and buildings and £214,624 (2022 - £235,230) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other stocks

29,800

5,800

7

Debtors

2023
£

2022
£

Other debtors

104,020

111,397

Prepayments and accrued income

8,452

25,766

Total current trade and other debtors

112,472

137,163

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

40,000

40,000

Trade creditors

 

68,092

76,339

Taxation and social security

 

86,905

69,239

Other creditors

 

342,596

368,514

Accruals and deferred income

 

31,472

30,592

 

569,065

584,684

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

66,667

106,667

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

40,000

40,000

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

66,667

106,667

Included within loans and borrowings are bank borrowings of £106,667 (2022: £146,667) on which security has been given by the company. Bank borrowings are secured by an unlimited debenture.

 

LTG's Cafes and Bistros Limited
(Registration number: 07749720)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments relating to non-cancellable operating leases for property not included in the balance sheet is £445,229 (2022 - £495,229).