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REGISTERED NUMBER: 02051554 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CLASSIC RESTAURANTS LIMITED

CLASSIC RESTAURANTS LIMITED (REGISTERED NUMBER: 02051554)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CLASSIC RESTAURANTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: J J Sines
Mrs G Nelson



REGISTERED OFFICE: Woodview
Morris Lane
Halsall
Ormskirk
Lancashire
L40 8SX



REGISTERED NUMBER: 02051554 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Santander plc
Bootle
Merseyside
GIR OAA

CLASSIC RESTAURANTS LIMITED (REGISTERED NUMBER: 02051554)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 727,316 744,405

CURRENT ASSETS
Stocks 4,750 3,750
Debtors 5 1,380 18,793
Cash at bank 53,828 40,744
59,958 63,287
CREDITORS
Amounts falling due within one year 6 754,615 733,422
NET CURRENT LIABILITIES (694,657 ) (670,135 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,659

74,270

CREDITORS
Amounts falling due after more than one
year

7

29,941

34,474
NET ASSETS 2,718 39,796

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,618 39,696
SHAREHOLDERS' FUNDS 2,718 39,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

CLASSIC RESTAURANTS LIMITED (REGISTERED NUMBER: 02051554)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





J J Sines - Director


CLASSIC RESTAURANTS LIMITED (REGISTERED NUMBER: 02051554)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Classic 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.

Turnover
Turnover comprises the net invoice value of goods supplied by the company, excluding value added tax, and arose wholly in the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 1% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are recorded at cost, less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due.


CLASSIC RESTAURANTS LIMITED (REGISTERED NUMBER: 02051554)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 800,000 58,235 69,454 11,114 938,803
Additions - 635 - - 635
At 31 December 2023 800,000 58,870 69,454 11,114 939,438
DEPRECIATION
At 1 January 2023 104,000 33,509 48,159 8,730 194,398
Charge for year 8,000 3,804 5,324 596 17,724
At 31 December 2023 112,000 37,313 53,483 9,326 212,122
NET BOOK VALUE
At 31 December 2023 688,000 21,557 15,971 1,788 727,316
At 31 December 2022 696,000 24,726 21,295 2,384 744,405


CLASSIC RESTAURANTS LIMITED (REGISTERED NUMBER: 02051554)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax - 16,273
Prepayments and accrued income 1,380 2,520
1,380 18,793

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,556 10,752
Trade creditors 57,379 75,240
Tax - 16,574
Social security and other taxes 55,367 49,243
Other creditors 89,157 37,538
Amounts owed to group undertakings 504,705 495,260
Accruals and deferred income 42,451 48,815
754,615 733,422

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 29,941 34,474

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 5,225

There is a legal charge over the property securing all the monies due or to become due to Santander plc.

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, 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 subsidiaries within the group.

10. ULTIMATE PARENT COMPANY

The ultimate parent company is Worldpeak Limited, a company registered in England & Wales. The company registered office and principal place of business is Woodview, Morris Lane, Halsall, Ormskirk, Lancashire, L40 8SX.