Company registration number 13159464 (England and Wales)
LIBERTY CHEESESTEAK HRH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LIBERTY CHEESESTEAK HRH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LIBERTY CHEESESTEAK HRH LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
149,949
Current assets
Stocks
-
4,075
Debtors
4
62,491
42,580
Cash at bank and in hand
1,046
23,070
63,537
69,725
Creditors: amounts falling due within one year
5
(127,707)
(194,014)
Net current liabilities
(64,170)
(124,289)
Total assets less current liabilities
(64,170)
25,660
Provisions for liabilities
-
0
(1,935)
Net (liabilities)/assets
(64,170)
23,725
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(64,171)
23,724
Total equity
(64,170)
23,725

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr J P Teti
Director
Company Registration No. 13159464
LIBERTY CHEESESTEAK HRH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Liberty Cheesesteak HRH Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Main Course Associates, 9th Floor, One Canada Square, London, United Kingdom, E14 5AA.

 

The principal place of trade during the year was 257, Westfield Stratford City, Montfichet Road, Stratford, London E20 1EL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at 30 November 2023 the company had net current liabilities of £64,170 (2022: £124,289) and net liabilities of £64,170 (2022: net assets £23,725). After reviewing the company's forecasts and projections and taking into account the economic conditions and possible changes in trading performance, the director has a reasonable expectation that the company has adequate resources to continue in operational existence. The director further confirms that the parent company and related group undertakings will continue to support the company for the forseeable future.

 

Whilst the company has suspended trade at the year end following the expiration of the previously held lease agreement, the company has found a new venue to trade from post year end and is expected strong profits to be made. The director and company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover, excluding value added tax, represents net sales of food, drink and rental income from entertainment zones. Turnover from food and drink is recognised on a point of sales basis and rental income is recognised at the point the service is provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over 5 years
Plant and equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years

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.

LIBERTY CHEESESTEAK HRH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are valued at the lower of cost and net selling price, after making due provision for wastage and slow moving items.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LIBERTY CHEESESTEAK HRH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
12
LIBERTY CHEESESTEAK HRH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022
206,862
4,123
5,199
216,184
Additions
2,900
-
0
-
0
2,900
Disposals
(209,762)
(4,123)
(5,199)
(219,084)
At 30 November 2023
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 December 2022
65,325
360
550
66,235
Depreciation charged in the year
43,550
791
693
45,034
Eliminated in respect of disposals
(108,875)
(1,151)
(1,243)
(111,269)
At 30 November 2023
-
0
-
0
-
0
-
0
Carrying amount
At 30 November 2023
-
0
-
0
-
0
-
0
At 30 November 2022
141,537
3,763
4,649
149,949
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
62,491
42,580
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
216
39,276
Amounts owed to group undertakings
124,461
68,117
Taxation and social security
-
0
3,905
Other creditors
3,030
82,716
127,707
194,014
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
LIBERTY CHEESESTEAK HRH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Related party transactions

The company has taken advantage of exemptions, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group companies.

8
Parent company

The immediate and ultimate parent undertaking is Liberty Cheesesteak Holdings Limited by virtue of its 100% holding in Liberty Cheesesteak HRH Ltd. Liberty Cheesesteak Holdings Limited's registered office address is Main Course Associates, 9th Floor, One Canada Square, London, United Kingdom, E14 5AA.

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