REGISTERED NUMBER: |
JAMES EATS LTD |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
JAMES EATS LTD (REGISTERED NUMBER: 12357571) |
Balance Sheet - continued |
31 December 2023 |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | Intangible fixed assets |
Franchise |
rights |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
2023 | 2022 |
£ | £ |
Food | 26,074 | 41,138 |
Paper | 7,932 | 8,026 |
Non-product stock | 2,323 | 3,087 |
36,329 | 52,251 |
8. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Corporation tax recoverable |
Prepayments |
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) |
Trade creditors |
Social security and other taxes |
Value Added tax | 313,621 | 282,403 |
Other creditors |
Directors' current accounts | 101,932 | 117,635 |
Accrued expenses |
10. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
11. | Loans |
Bank loan |
Amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans | 257,148 | 257,148 |
257,148 | 257,148 |
Amounts falling due 1-2 years |
2023 | 2022 |
£ | £ |
Bank loans | 257,148 | 257,148 |
257,148 | 257,148 |
Amounts falling due 2-5 years |
2023 | 2022 |
£ | £ |
Bank loans | 899,984 | 1,157,133 |
899,984 | 1,157,133 |
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: | £ | £ |
Ordinary A | £1 | 75 | 75 |
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. |