Registered number: 11243659
FOLIE RESTAURANT LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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FOLIE RESTAURANT LTD
REGISTERED NUMBER:11243659
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STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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FOLIE RESTAURANT LTD
REGISTERED NUMBER:11243659
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2024.
The notes on pages 3 to 9 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
Folie Restaurant Ltd is a private company, limited by shares, registered in England and Wales. Its registered office address is C/o Bob Bob Ricard, 1-3 Upper James Street, London, W1F 9DF. The trading address is 37 Golden Square, London, W1F 9LB.
The principal activity during the year was the operation of a restaurant.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company made a loss for the period of £770,303 and at the reporting date has net current liabilities of £5,315,332 and net liabilities of £3,666,514. The directors have sought and obtained assurance from the parent company that it has the ability and will support the Company financially so that the Company will be able to meet its financial obligations as and when they arise for at least twelve months from the date the accounts are approved.
Furthermore, included in liabilities is a total of £5,021,522 due to related parties who have confirmed that repayment of the balance, or part of, will be by mutual agreement and only when the Company have the ability to make repayments.
Therefore, the directors have prepared the financial statements on the going concern basis.
Turnover comprises amounts receivable for the sale of food and beverages, exclusive of Value Added Tax.
Revenue is recognised at the point of sale.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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over the lower of useful ecomic life and lease term
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are valued at the lower of cost and net realisable value, being the estimated selling price after making due allowance for out of date and slow-moving stocks.
Short-term debtors are measured at the transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,, loans from banks and other third parties, loans to and from related parties.
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The average monthly number of employees, including directors, during the period was 18 (2022 - 39).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
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Short-term leasehold property
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Charge for the period on owned assets
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Due after more than one year
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
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Allotted, called up and fully paid
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500 (2022 - 500) Ordinary shares of £1 each
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AVM Holdings SARL, the former parent entity, contributed £140,000 towards the liabilities of the Company after it was acquired by KNBY Limited. The balance does not bear interest and is not repayable. As such, the Company has treated the amount contributed as a capital contribution by the previous parent and recognised £140,000 directly in equity within retained earnings.
With effect from 17 April 2023, the immediate parent company is KNBY (UK) Limited, a company registered in England and Wales. The ultimate parent undertaking is KNBY Limited, a company registered in the British Virgin Islands.
The auditors' report on the financial statements for the period ended 30 June 2023 was unqualified.
The audit report was signed on 24 September 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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