Company registration number 09376070 (England and Wales)
Egg Break Limited
Audited Financial Statements
For the year ended
31 December 2023
Pages for filing with registrar
Egg Break Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Egg Break Limited
Statement Of Financial Position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,451
30,163
Current assets
Stocks
32,054
4,888
Debtors
5
284,907
40,395
Cash at bank and in hand
253,581
154,440
570,542
199,723
Creditors: amounts falling due within one year
6
(233,750)
(262,472)
Net current assets/(liabilities)
336,792
(62,749)
Net assets/(liabilities)
375,243
(32,586)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
375,241
(32,588)
Total equity
375,243
(32,586)
The notes on pages 2 to 6 form part of these financial statements.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
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 2 October 2024 and are signed on its behalf by:
S. Pasricha
Director
Company registration number 09376070 (England and Wales)
Egg Break Limited
Notes To The Financial Statements
For the year ended 31 December 2023
- 2 -
1
General information
Egg Break Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN.
2
Accounting policies
2.1
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.
2.2
Going concern
At the reporting date, the truecompany had net current assets of £336,792 (2022 - Net current liabilities of £62,749). At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
The company's turnover is derived from food, beverage, merchandise and related services provided to customers.
Turnover from sale of food, drink and merchandise is recognised on the day the sale occurs. Any monies received as tips or service charges are distributed to staff and do not form part of the company's turnover.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
6 years
Plant and machinery
5 years
Fixtures and fittings
10 years
Computer equipment
4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Egg Break Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 3 -
2.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost represents purchase price of goods for resale.
2.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
2.8
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. 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.
2.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Egg Break Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 4 -
2.10
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.
2.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
2.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
22
Egg Break Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
310,656
48,608
7,844
367,108
Additions
4,303
11,318
5,672
1,121
22,414
At 31 December 2023
314,959
59,926
5,672
8,965
389,522
Depreciation and impairment
At 1 January 2023
296,812
32,906
7,227
336,945
Depreciation charged in the year
3,989
9,407
134
596
14,126
At 31 December 2023
300,801
42,313
134
7,823
351,071
Carrying amount
At 31 December 2023
14,158
17,613
5,538
1,142
38,451
At 31 December 2022
13,844
15,702
617
30,163
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
235,301
Other debtors
49,606
40,395
284,907
40,395
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
61,786
53,426
Amounts owed to group undertakings
17,843
86,777
Taxation and social security
98,855
78,967
Other creditors
55,266
43,302
233,750
262,472
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Egg Break Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
7
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Frank Harling FCCA
Statutory Auditor:
Ward Williams
Date of audit report:
2 October 2024
8
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
£
£
72,027
127,178
9
Related party transactions
The Company has taken advantage of the exemption conferred by Financial Reporting Standard 102 Section 33 'Related Party Disclosures' paragraph 33.1A not to disclose transactions with certain group companies on the grounds that 100% of the voting rights in the Company are controlled by the group.
10
Controlling party
The parent company is ESRA Restaurants Holdings Limited, incorporated in England and Wales. ESRA Holdings Limited is the parent of the smallest group for which consolidated accounts including Egg Break Limited are drawn up, and copies of these accounts can be obtained from its registered office at Third Floor, 20 Old Bailey, London, EC4M 7AN.