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Company No: 04885187 (England and Wales)

PRIMA DONNAS RESTAURANT LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

PRIMA DONNAS RESTAURANT LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

PRIMA DONNAS RESTAURANT LIMITED

BALANCE SHEET

As at 30 November 2023
PRIMA DONNAS RESTAURANT LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 7,500
Tangible assets 4 88,186 108,101
88,186 115,601
Current assets
Stocks 5 18,000 28,000
Debtors 6 22,463 16,098
Cash at bank and in hand 304,859 463,672
345,322 507,770
Creditors: amounts falling due within one year 7 ( 177,893) ( 289,780)
Net current assets 167,429 217,990
Total assets less current liabilities 255,615 333,591
Creditors: amounts falling due after more than one year 8 0 ( 96,250)
Provision for liabilities ( 10,127) ( 11,969)
Net assets 245,488 225,372
Capital and reserves
Called-up share capital 100 100
Profit and loss account 245,388 225,272
Total shareholders' funds 245,488 225,372

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 financial statements of Prima Donnas Restaurant Limited (registered number: 04885187) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

M Voutsas
Director
PRIMA DONNAS RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
PRIMA DONNAS RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prima Donnas Restaurant Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1-3 Red Lodge Road, West Wickham, BR4 0EL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

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.

Taxation

Current 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 by the reporting period date in the countries where the company operates and generates taxable income.

Deferred tax
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.

Intangible assets

Goodwill is amortised over its useful life, which shall not exceed five 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:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Land and buildings 5 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the debtors are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

The company has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 18

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 150,000 150,000
At 30 November 2023 150,000 150,000
Accumulated amortisation
At 01 December 2022 142,500 142,500
Charge for the financial year 7,500 7,500
At 30 November 2023 150,000 150,000
Net book value
At 30 November 2023 0 0
At 30 November 2022 7,500 7,500

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 December 2022 239,520 152,481 392,001
Additions 0 4,269 4,269
At 30 November 2023 239,520 156,750 396,270
Accumulated depreciation
At 01 December 2022 179,295 104,605 283,900
Charge for the financial year 12,548 11,636 24,184
At 30 November 2023 191,843 116,241 308,084
Net book value
At 30 November 2023 47,677 40,509 88,186
At 30 November 2022 60,225 47,876 108,101

5. Stocks

2023 2022
£ £
Stocks 18,000 28,000

6. Debtors

2023 2022
£ £
Other debtors 22,463 16,098

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 35,000
Trade creditors 91,887 106,182
Taxation and social security 68,948 62,305
Other creditors 17,058 86,293
177,893 289,780

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 0 96,250

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed to shareholders 6,787 20,787

The loans are unsecured, repayable on demand and provided interest free.

Transactions with the entity's directors

2023 2022
£ £
Directors' loan accounts (18,268) 45,642

During the year the company made advances of £166,141 (2022 - £Nil) and received repayments of £102,231 (2022 - £23,445). The amounts owed to the directors are unsecured, interest free and repayable on demand.