Registered number
06456665
The First Floor Restaurant Limited
Filleted Accounts
31 December 2023
The First Floor Restaurant Limited
Registered number: 06456665
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 373,546 373,546
Creditors: amounts falling due within one year 4 (131,970) (131,970)
Net current liabilities (131,970) (131,970)
Total assets less current liabilities 241,576 241,576
Creditors: amounts falling due after more than one year 5 (617,772) (617,772)
Net liabilities (376,196) (376,196)
Capital and reserves
Called up share capital 2 2
Profit and loss account (376,198) (376,198)
Shareholders' funds (376,196) (376,196)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A H Shorkar
Director
Approved by the board on 23 September 2024
The First Floor Restaurant Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements straight line over the term of the lease
Plant and machinery 10% reducing balance
Motor vehicle 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 384,692 277,073 2,500 664,265
At 31 December 2023 384,692 277,073 2,500 664,265
Depreciation
At 1 January 2023 139,162 150,880 677 290,719
At 31 December 2023 139,162 150,880 677 290,719
Net book value
At 31 December 2023 245,530 126,193 1,823 373,546
At 31 December 2022 245,530 126,193 1,823 373,546
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 28,274 28,274
Other creditors 103,696 103,696
131,970 131,970
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 175,295 175,295
Other creditors 442,477 442,477
617,772 617,772
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 65,834 65,834
Secured bank loans 203,568 203,568
The bank loan and overdraft is secured by a fixed and floating charge over the assets of the company.
7 Other information
The First Floor Restaurant Limited is a private company limited by shares and incorporated in England. Its registered office is:
158 Cowley Road
Oxford
OX4 1UE
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