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No description of principal activity
2022-12-26
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
9322874
2022-12-26
2023-12-31
9322874
2023-12-31
9322874
2022-12-25
9322874
2021-12-27
2022-12-25
9322874
2022-12-25
9322874
2021-12-26
9322874
core:LandBuildings
core:LongLeaseholdAssets
2022-12-26
2023-12-31
9322874
core:FurnitureFittings
2022-12-26
2023-12-31
9322874
bus:OrdinaryShareClass1
2022-12-26
2023-12-31
9322874
bus:Director2
2022-12-26
2023-12-31
9322874
core:LandBuildings
2022-12-25
9322874
core:FurnitureFittings
2022-12-25
9322874
core:LandBuildings
2023-12-31
9322874
core:FurnitureFittings
2023-12-31
9322874
core:WithinOneYear
2023-12-31
9322874
core:WithinOneYear
2022-12-25
9322874
core:ShareCapital
2023-12-31
9322874
core:ShareCapital
2022-12-25
9322874
core:RetainedEarningsAccumulatedLosses
2023-12-31
9322874
core:RetainedEarningsAccumulatedLosses
2022-12-25
9322874
core:BetweenOneFiveYears
2023-12-31
9322874
core:BetweenOneFiveYears
2022-12-25
9322874
core:MoreThanFiveYears
2023-12-31
9322874
core:MoreThanFiveYears
2022-12-25
9322874
core:AfterOneYear
2023-12-31
9322874
core:AfterOneYear
2022-12-25
9322874
bus:SmallEntities
2022-12-26
2023-12-31
9322874
bus:AuditExempt-NoAccountantsReport
2022-12-26
2023-12-31
9322874
bus:SmallCompaniesRegimeForAccounts
2022-12-26
2023-12-31
9322874
bus:PrivateLimitedCompanyLtd
2022-12-26
2023-12-31
9322874
bus:FullAccounts
2022-12-26
2023-12-31
9322874
bus:OrdinaryShareClass1
2023-12-31
9322874
bus:OrdinaryShareClass1
2022-12-25
COMPANY REGISTRATION NUMBER:
9322874
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
31 December 2023
|
31 Dec 23 |
25 Dec 22 |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Current assets
Stocks |
– |
|
8,554 |
|
Debtors |
6 |
62,456 |
|
84,835 |
|
Cash at bank and in hand |
7,301 |
|
18,636 |
|
|
------- |
|
-------- |
|
|
69,757 |
|
112,025 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
3,948,939) |
|
(
3,683,954) |
|
|
----------- |
|
----------- |
|
Net current liabilities |
|
(
3,879,182) |
|
(
3,571,929) |
|
|
----------- |
|
----------- |
Total assets less current liabilities |
|
(
3,879,182) |
|
(
3,571,929) |
|
|
|
|
|
|
Provisions
Other provisions |
|
(
425,388) |
|
– |
|
|
----------- |
|
----------- |
Net liabilities |
|
(
4,304,570) |
|
(
3,571,929) |
|
|
----------- |
|
----------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
8 |
|
2 |
|
2 |
Profit and loss account |
|
(
4,304,572) |
|
(
3,571,931) |
|
|
----------- |
|
----------- |
Total shareholders' funds |
|
(
4,304,570) |
|
(
3,571,929) |
|
|
----------- |
|
----------- |
|
|
|
|
|
|
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 profit and loss account has not been delivered.
For the period 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 period 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
1 October 2024
, and are signed on behalf of the board by:
Company registration number:
9322874
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 26 DECEMBER 2022 TO 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 12 North Bar, Banbury, OX16 0TB.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
These financial statements have been prepared on a basis other than going concern. The company ceased trading during the year.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes. The company operates burger stores for the production and sale of premium burgers. Sales of burgers are recognised when the significant risks and rewards of ownership have transferred to the buyer. This is on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 improvements |
- |
10% straight line |
|
Fixtures and fittings |
- |
20% straight line |
|
|
|
|
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.
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 balance sheet 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 assets, which include other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, loans from fellow group companies and other related parties that are classified as debt, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
8
(2022:
24
).
5.
Tangible assets
|
Leasehold improvements |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 26 December 2022 |
305,438 |
502,332 |
807,770 |
Additions |
– |
16,032 |
16,032 |
|
-------- |
-------- |
-------- |
At 31 December 2023 |
305,438 |
518,364 |
823,802 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 26 December 2022 |
305,438 |
502,332 |
807,770 |
Impairment losses |
– |
16,032 |
16,032
|
|
-------- |
-------- |
-------- |
At 31 December 2023 |
305,438 |
518,364 |
823,802 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2023 |
– |
– |
– |
|
-------- |
-------- |
-------- |
At 25 December 2022 |
– |
– |
– |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
31 Dec 23 |
25 Dec 22 |
|
£ |
£ |
Other debtors |
62,456 |
84,835 |
|
------- |
------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
31 Dec 23 |
25 Dec 22 |
|
£ |
£ |
Other debtors |
30,000 |
30,000 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
25 Dec 22 |
|
£ |
£ |
Trade creditors |
13,340 |
113,753 |
Amounts owed to group undertakings |
1,014,723 |
948,110 |
Social security and other taxes |
– |
16,140 |
Amounts owed to other related entities |
2,756,837 |
2,432,466 |
Other creditors |
164,039 |
173,485 |
|
----------- |
----------- |
|
3,948,939 |
3,683,954 |
|
----------- |
----------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
31 Dec 23 |
25 Dec 22 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Operating leases and off balance sheet arrangements
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
31 Dec 23 |
25 Dec 22 |
|
£ |
£ |
Not later than 1 year |
96,330 |
96,330 |
Later than 1 year and not later than 5 years |
286,115 |
316,608 |
Later than 5 years |
202,787 |
270,207 |
|
-------- |
-------- |
|
585,232 |
683,145 |
|
-------- |
-------- |
|
|
|
The leases are for the lease of properties.
10.
Controlling party
The ultimate parent company was Meatology Ltd, a company incorporated in England and Wales.