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Registration number: 05812257

Anchos Restaurants Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2023 to 31 March 2024

 

Anchos Restaurants Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

Anchos Restaurants Limited

Company Information

Director

Mr Paul Sloan

Registered office

21 St Thomas Street
Bristol
Avon
BS1 6JS

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Anchos Restaurants Limited

Director's Report for the Period from 1 June 2023 to 31 March 2024

The director presents his report and the financial statements for the period from 1 June 2023 to 31 March 2024.

Director of the company

The director who held office during the period was as follows:

Mr Paul Sloan

Principal activity

The principal activity of the company is operating restaurants

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 8 September 2024
 

.........................................
Mr Paul Sloan
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Anchos Restaurants Limited
for the Period Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Anchos Restaurants Limited for the period ended 31 March 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Anchos Restaurants Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Anchos Restaurants Limited and state those matters that we have agreed to state to the Board of Directors of Anchos Restaurants Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Anchos Restaurants Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Anchos Restaurants Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Anchos Restaurants Limited. You consider that Anchos Restaurants Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Anchos Restaurants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

8 September 2024

 

Anchos Restaurants Limited

Profit and Loss Account for the Period from 1 June 2023 to 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,396,760

1,915,425

Cost of sales

 

(512,409)

(679,167)

Gross profit

 

884,351

1,236,258

Administrative expenses

 

(998,544)

(1,254,766)

Other operating income

 

230,009

261,230

Operating profit

 

115,816

242,722

Interest payable and similar expenses

 

(15,000)

-

Profit before tax

3

100,816

242,722

Tax on profit

 

(31,278)

(15,914)

Profit for the financial period

 

69,538

226,808

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Anchos Restaurants Limited

Statement of Comprehensive Income for the Period from 1 June 2023 to 31 March 2024

2024
£

2023
£

Profit for the period

69,538

226,808

Total comprehensive income for the period

69,538

226,808

 

Anchos Restaurants Limited

(Registration number: 05812257)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

357,679

396,970

Investments

5

100

100

 

357,779

397,070

Current assets

 

Stocks

6

10,000

10,000

Debtors

7

1,224,167

1,017,301

Cash at bank and in hand

 

200,600

439,993

 

1,434,767

1,467,294

Creditors: Amounts falling due within one year

8

(353,821)

(423,081)

Net current assets

 

1,080,946

1,044,213

Total assets less current liabilities

 

1,438,725

1,441,283

Creditors: Amounts falling due after more than one year

8

(65,569)

(83,665)

Net assets

 

1,373,156

1,357,618

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,373,056

1,357,518

Shareholders' funds

 

1,373,156

1,357,618

For the financial period ending 31 March 2024 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 8 September 2024
 

 

Anchos Restaurants Limited

(Registration number: 05812257)
Balance Sheet as at 31 March 2024

.........................................
Mr Paul Sloan
Director

 

Anchos Restaurants Limited

Statement of Changes in Equity for the Period from 1 June 2023 to 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 June 2023

100

1,357,518

1,357,618

Profit for the period

-

69,538

69,538

Dividends

-

(54,000)

(54,000)

At 31 March 2024

100

1,373,056

1,373,156

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

100

1,178,710

1,178,810

Profit for the period

-

226,808

226,808

Dividends

-

(48,000)

(48,000)

At 31 May 2023

100

1,357,518

1,357,618

 

Anchos Restaurants Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & buildings

2% on cost

 

Anchos Restaurants Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

Plant & machinery

20% reducing balance

Fixtures & fittings

10% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Anchos Restaurants Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 15 (2023 - 15).

3

Profit before tax

Arrived at after charging/(crediting)

 

Anchos Restaurants Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

2024
£

2023
£

Depreciation expense

39,291

44,830

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

115,753

410,168

404,689

930,610

At 31 March 2024

115,753

410,168

404,689

930,610

Depreciation

At 1 June 2023

37,040

143,422

353,178

533,640

Charge for the period

2,315

26,674

10,302

39,291

At 31 March 2024

39,355

170,096

363,480

572,931

Carrying amount

At 31 March 2024

76,398

240,072

41,209

357,679

At 31 May 2023

78,713

266,746

51,511

396,970

Included within the net book value of land and buildings above is £76,398 (2023 - £78,713) in respect of long leasehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 31 March 2024

100

At 31 May 2023

100

 

Anchos Restaurants Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

No 26 The Sea Ltd

1 The Pier, Oban, Argyll

Scotland

Ordinary

100%

100%

Subsidiary undertakings

No 26 The Sea Ltd

The principal activity of No 26 The Sea Ltd is operating a hotel.

6

Stocks

2024
£

2023
£

Other inventories

10,000

10,000

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

934,985

720,144

Other debtors

 

289,182

297,157

   

1,224,167

1,017,301

 

Anchos Restaurants Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,394

-

Trade creditors

 

102,925

90,928

Taxation and social security

 

144,568

113,960

Other creditors

 

104,934

218,193

 

353,821

423,081

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

65,569

83,665

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

65,569

83,665

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

1,394

-

 

Anchos Restaurants Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

11

Dividends

2024

2023

£

£

Interim dividend of £540.00 (2023 - £480.00) per ordinary share

54,000

48,000

 

 

12

Parent and ultimate parent undertaking

The company's immediate parent is Sloan Wells Holdings Ltd, incorporated in Scotland.