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COMPANY REGISTRATION NUMBER: 10289165
ETCH RESTAURANTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ETCH RESTAURANTS LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
521,159
571,015
Current assets
Stocks
18,018
16,775
Debtors
6
76,639
72,704
Cash at bank and in hand
22,077
18,186
----------
----------
116,734
107,665
Creditors: amounts falling due within one year
7
230,704
182,285
----------
----------
Net current liabilities
113,970
74,620
----------
----------
Total assets less current liabilities
407,189
496,395
Creditors: amounts falling due after more than one year
8
94,378
114,057
Provisions
Taxation including deferred tax
8,922
14,036
----------
----------
Net assets
303,889
368,302
----------
----------
Capital and reserves
Called up share capital
333
333
Share premium account
499,774
499,774
Profit and loss account
( 196,218)
( 131,805)
----------
----------
Shareholders funds
303,889
368,302
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ETCH RESTAURANTS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 7 May 2024 , and are signed on behalf of the board by:
Mr S J Edwards
Director
Company registration number: 10289165
ETCH RESTAURANTS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the restaurant industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
Over life of lease
Leasehold Improvement
-
4% straight line
Plant & equipment
-
25% reducing balance
Fixture & fittings and equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 9 ).
5. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
573,472
50,767
122,995
747,234
Additions
1,556
1,556
----------
---------
----------
----------
At 31 December 2023
573,472
52,323
122,995
748,790
----------
---------
----------
----------
Depreciation
At 1 January 2023
76,333
41,511
58,375
176,219
Charge for the year
22,940
4,071
24,401
51,412
----------
---------
----------
----------
At 31 December 2023
99,273
45,582
82,776
227,631
----------
---------
----------
----------
Carrying amount
At 31 December 2023
474,199
6,741
40,219
521,159
----------
---------
----------
----------
At 31 December 2022
497,139
9,256
64,620
571,015
----------
---------
----------
----------
6. Debtors
2023
2022
£
£
Trade debtors
1,419
1,454
Amounts owed by group undertakings and undertakings in which the company has a participating interest
49,045
52,373
Other debtors
26,175
18,877
---------
---------
76,639
72,704
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
57,942
58,186
Social security and other taxes
101,604
62,299
Other creditors
61,158
51,800
----------
----------
230,704
182,285
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,471
26,141
Other creditors
68,907
87,916
---------
----------
94,378
114,057
---------
----------
On 28 September 2021 the company issued £120,000 of 6% loan notes, redeemable by 2025.
9. Director's advances, credits and guarantees
As at 31 December 2023 the company owed the director £738(2022 :£871)
10. Related party transactions
The company was under the control of the directors throughout the previous and current period.