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REGISTERED NUMBER: 12357571 (England and Wales)















JAMES EATS LTD

Unaudited Financial Statements for the Year Ended 31 December 2023






JAMES EATS LTD (REGISTERED NUMBER: 12357571)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


JAMES EATS LTD

Company Information
for the year ended 31 December 2023







Director: Mrs J Aspin-Mayne





Registered office: 58a Eagle Brow
Lymm
WA13 0LZ





Registered number: 12357571 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 1,385,987 1,460,905
Tangible assets 5 965,099 952,698
Investments 6 2,500 2,500
2,353,586 2,416,103

Current assets
Stocks 7 36,329 52,251
Debtors 8 26,790 94,711
Cash at bank and in hand 474,870 552,786
537,989 699,748
Creditors
Amounts falling due within one year 9 1,180,330 1,155,013
Net current liabilities (642,341 ) (455,265 )
Total assets less current liabilities 1,711,245 1,960,838

Creditors
Amounts falling due after more than one year 10 (1,157,139 ) (1,414,281 )

Provisions for liabilities (143,937 ) (41,028 )
Net assets 410,169 505,529

Capital and reserves
Called up share capital 12 100 100
Retained earnings 410,069 505,429
Shareholders' funds 410,169 505,529

JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Balance Sheet - continued
31 December 2023


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 director acknowledges her 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





Mrs J Aspin-Mayne - Director


JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Notes to the Financial Statements
for the year ended 31 December 2023

1. Statutory information

James Eats Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risk and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity: and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Franchise rights and fees
Franchise rights and fees being the amounts paid on acquisition of restaurants are being written off evenly over the terms of the franchise agreements or, in the case of restaurants acquired mid term, written off over 20 years. The 20 year write off period for any restaurants purchased mid term is on the basis that, on expiry of the existing 20 year franchise agreement, the company will be granted a further 20 year franchise term. The franchisor operates a formal "new term process" which sets out the requirements for granting a new term and the director does not anticipate any difficulty in meeting these requirements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 5% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets comprising of cash in hand, demand deposits with bank, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Operating leases: the company as a lessor
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

Financial instruments

The Company only enters into basic financial instruments 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 related parties and investments in non-puttable ordinary shares.

For financial assets measured at amortised cost, the impairment cost is measured at the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. All financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

For assets financial measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Finance costs
Finance costs are charged to the Income Statement 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Interest income
Interest income is recognised in the Income Statement using the effective interest method.

Dividends
Equity dividends are recognised when they legally become payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Judgement in applying accounting policies & key estimation uncertainties
In the process of applying the companies accounting policies, management are required to make certain estimates and judgements. The key estimates & judgements are as follows:

Depreciation and residual value
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate

Impairment of non-current assets
The company assesses the impairment of intangible assets subject to amortisation whenever events or changes in circumstances indicate that the carrying values may not be recoverable. Factors considered important that could indicate an impairment review include the following:

Significant under-performance relative to historical or projected future operating results.

Significant changes in the matter or the use of acquired assets or the strategy for the overall business.

Significant negative industry or economic trends.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

3. Employees and directors

The average number of employees during the year was 308 (2022 - 306 ) .

4. Intangible fixed assets
Franchise
rights
£
Cost
At 1 January 2023
and 31 December 2023 1,498,364
Amortisation
At 1 January 2023 37,459
Amortisation for year 74,918
At 31 December 2023 112,377
Net book value
At 31 December 2023 1,385,987
At 31 December 2022 1,460,905

JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. Tangible fixed assets
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£ £ £ £ £
Cost
At 1 January 2023 - 954,266 64,649 550 1,019,465
Additions 449 180,342 - - 180,791
At 31 December 2023 449 1,134,608 64,649 550 1,200,256
Depreciation
At 1 January 2023 - 45,042 21,484 241 66,767
Charge for year 21 154,634 13,598 137 168,390
At 31 December 2023 21 199,676 35,082 378 235,157
Net book value
At 31 December 2023 428 934,932 29,567 172 965,099
At 31 December 2022 - 909,224 43,165 309 952,698

6. Fixed asset investments
Unlisted
investments
£
Cost
At 1 January 2023
and 31 December 2023 2,500
Net book value
At 31 December 2023 2,500
At 31 December 2022 2,500

Fixed asset investments consists of 2,500 (2022: 2,500) ordinary shares of £1 each in Fries Holding Company Limited, a company registered in Guernsey. The investments are included in the accounts at cost.

7. Stocks

20232022
£ £
Food26,07441,138
Paper7,9328,026
Non-product stock2,3233,087
36,32952,251

8. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 3,587 2,079
Other debtors 11,679 8,045
Corporation tax recoverable - 67,927
Prepayments 11,524 16,660
26,790 94,711

JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts (see note 11) 257,148 257,148
Trade creditors 246,198 253,245
Social security and other taxes 23,030 17,329
Value Added tax 313,621 282,403
Other creditors 180,771 84,524
Directors' current accounts 101,932 117,635
Accrued expenses 57,630 142,729
1,180,330 1,155,013

10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans (see note 11) 1,157,139 1,414,281

11. Loans

Bank loan

Amounts falling due within one year

20232022
£ £
Bank loans257,148257,148
257,148257,148

Amounts falling due 1-2 years

20232022
£ £
Bank loans257,148257,148
257,148257,148


Amounts falling due 2-5 years

20232022
£ £
Bank loans899,9841,157,133
899,9841,157,133



The bank loan balance outstanding at 31 December 2023 is £1,414,280 (2023: £1,671,429). The bank loan balance is repayable in equal monthly installments of £21,429 until 24th June 2029. Interest is charged at 4.82% per annum.

Prior year adjustment

For the year ended 31 December 2022, the bank loan was aged incorrectly between due within 1 year, due within 1-2 years and due within 2-5 years. The bank loan ageing as at 31 December 2022 has been amended to accurately reflect the nature of the capital repayments due within 1 year, due within 1-2 years and due within 2-5 years. This reclassification has had no impact on the Income Statement or total net assets for the current or prior period.

JAMES EATS LTD (REGISTERED NUMBER: 12357571)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
75 Ordinary A £1 75 75
25 Ordinary B £1 25 25
100 100

13. Related party disclosures

During the year, amounts of £62,033 (2022: £47,053) was advanced to and amounts of £5,330 (2022: £45,788) was repaid by the director during the year.

At the year end £60,932 (2022: £117,635) was due from the director to the company. The outstanding balance due to the director is interest free, has no repayment date, is unsecured and is held within creditors.

14. Ultimate controlling party

The Company is controlled by the majority shareholder of the company, Mrs J Aspin-Mayne.