Company Registration No. 09984893 (England and Wales)
MERAKI RESTAURANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MERAKI RESTAURANTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
MERAKI RESTAURANTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,751,449
1,936,302
Current assets
Stocks
45,705
53,969
Debtors
5
350,698
432,025
Cash at bank and in hand
148,701
175,283
545,104
661,277
Creditors: amounts falling due within one year
6
(964,566)
(945,208)
Net current liabilities
(419,462)
(283,931)
Total assets less current liabilities
1,331,987
1,652,371
Creditors: amounts falling due after more than one year
7
(1,880,956)
(1,776,074)
Net liabilities
(548,969)
(123,703)
Capital and reserves
Called up share capital
8
132
132
Share premium account
1,603,383
1,603,383
Other reserves
9
801,499
876,275
Profit and loss reserves
10
(2,953,983)
(2,603,493)
Total equity
(548,969)
(123,703)

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
T Tang
Director
Company Registration No. 09984893
MERAKI RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Meraki Restaurants Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Market Yard Mews, 194-204 Bermondsey Street, London, United Kingdom, SE1 3TQ.

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

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the continued support of the shareholders.true Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the sales of food and drinks in the restaurant, net of VAT.

1.4
Tangible fixed assets

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

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

Leasehold improvements
Over the term of the lease
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MERAKI RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

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.

1.11
Retirement benefits

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

MERAKI RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to expense 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 lease asset are consumed.

1.13
Government grants

Government grants, which include amounts received from local authority grants, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income in the period in which the grant becomes receivable.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Interest free shareholder loans

The accounts include loans totalling £2,682,455 that were made by the shareholders to the company. The loans are interest free and repayable on 29 September 2032. The shareholder loans were initially recognised on a present value basis with the loan repayment discounted based on the company's estimated incremental cost of borrowing. The directors have determined that a discount rate of 4.14% per annum is appropriate to discount the loan based on a 10 year government gilt.

 

At the year end, the present value of the loans was £1,880,956 (2022: £1,776,074). During the year, an interest expense of £74,776 (2022: £18,225) was recognised in the profit and loss account.

3
Employees

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

2023
2022
Number
Number
Total
58
53
MERAKI RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Leasehold improvements
Kitchen and computer equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
2,772,929
374,507
387,959
3,535,395
Additions
(10,605)
14,412
44,419
48,226
At 31 December 2023
2,762,324
388,919
432,378
3,583,621
Depreciation and impairment
At 1 January 2023
956,588
345,235
297,270
1,599,093
Depreciation charged in the year
184,033
12,240
36,806
233,079
At 31 December 2023
1,140,621
357,475
334,076
1,832,172
Carrying amount
At 31 December 2023
1,621,703
31,444
98,302
1,751,449
At 31 December 2022
1,816,341
29,272
90,689
1,936,302
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,081
1,200
Other debtors
42,941
46,005
Prepayments and accrued income
168,963
254,107
219,985
301,312
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
130,713
130,713
Total debtors
350,698
432,025
MERAKI RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
530,591
539,198
Taxation and social security
239,679
234,662
Other creditors
71,662
108,441
Accruals and deferred income
122,634
62,907
964,566
945,208
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Shareholders loans
1,880,956
1,776,074

Included within other creditors are amounts due to the directors and shareholders. Loans are discounted to present value at a current interest rate of 4.14%. Loans are unsecured.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
12,139 A Ordinary shares of 1p each
121
121
1,056 B Ordinary shares of 1p each
11
11
132
132
MERAKI RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Other reserves
Capital contribution reserve
£
At the beginning of the prior year
-
Transfers
(18,225)
Other movements
894,500
At the end of the prior year
876,275
Transfers
(74,776)
At the end of the current year
801,499

The capital contribution reserve has arisen as a result of the discounting of interest free long-term loans provided to the company by the shareholders.

10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(2,603,493)
(2,183,550)
Loss for the year
(425,266)
(438,168)
Transfer to reserves
74,776
18,225
At the end of the year
(2,953,983)
(2,603,493)
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
231,006
231,006
Between two and five years
824,856
877,356
In over five years
714,023
892,528
1,769,885
2,000,890
MERAKI RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
12
Related party transactions

At the year end, the company owed shareholders £2,682,455 (2022: £2,652,349) which included £1,202,704 (2022: £1,172,598 ) owing to directors of the company. The loans are interest free. At the year end, the net present value of the shareholder loans was £1,880,956 (2022: £1,776,074). During the year, a notional interest charge of £74,776 (2022: £18,225) was recognised in the profit and loss account.

 

During the year, the directors have recognised a bad debt provision against this debt of £nil (2022: £92,509). The carrying value of this debt at the year end was £nil (2022: £9,911).

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