BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is that of a restaurant. 6 October 2024 38 38 NI044220 2024-02-29 NI044220 2023-02-28 NI044220 2022-02-28 NI044220 2023-03-01 2024-02-29 NI044220 2022-03-01 2023-02-28 NI044220 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI044220 uk-curr:PoundSterling 2023-03-01 2024-02-29 NI044220 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI044220 uk-bus:FullAccounts 2023-03-01 2024-02-29 NI044220 uk-bus:Director1 2023-03-01 2024-02-29 NI044220 uk-bus:RegisteredOffice 2023-03-01 2024-02-29 NI044220 uk-bus:Agent1 2023-03-01 2024-02-29 NI044220 uk-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 NI044220 uk-core:ShareCapital 2024-02-29 NI044220 uk-core:ShareCapital 2023-02-28 NI044220 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI044220 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI044220 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 NI044220 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI044220 uk-bus:FRS102 2023-03-01 2024-02-29 NI044220 uk-core:Land 2023-03-01 2024-02-29 NI044220 uk-core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 NI044220 uk-core:MotorVehicles 2023-03-01 2024-02-29 NI044220 uk-core:CostValuation 2023-02-28 NI044220 uk-core:AdditionsToInvestments 2023-02-28 NI044220 uk-core:AdditionsToInvestments 2024-02-29 NI044220 uk-core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 NI044220 uk-core:CostValuation 2024-02-29 NI044220 uk-core:CurrentFinancialInstruments 2024-02-29 NI044220 uk-core:CurrentFinancialInstruments 2023-02-28 NI044220 uk-core:WithinOneYear 2024-02-29 NI044220 uk-core:WithinOneYear 2023-02-28 NI044220 uk-core:WithinOneYear 2024-02-29 NI044220 uk-core:WithinOneYear 2023-02-28 NI044220 uk-core:AfterOneYear 2024-02-29 NI044220 uk-core:AfterOneYear 2023-02-28 NI044220 uk-core:BetweenOneFiveYears 2024-02-29 NI044220 uk-core:BetweenOneFiveYears 2023-02-28 NI044220 uk-core:OtherMiscellaneousReserve 2023-02-28 NI044220 uk-core:OtherMiscellaneousReserve 2023-03-01 2024-02-29 NI044220 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 NI044220 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-02-29 NI044220 uk-core:OtherDeferredTax 2024-02-29 NI044220 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-02-29 NI044220 uk-core:OtherMiscellaneousReserve 2024-02-29 NI044220 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI044220
 
 
Zen Restaurant (NI) Limited
 
Unaudited Financial Statements
 
for the financial year ended 29 February 2024



Zen Restaurant (NI) Limited
DIRECTOR AND OTHER INFORMATION

 
Director Eddie Shui-Yam Fung
 
 
Company Registration Number NI044220
 
 
Registered Office 55-59 Adelaide Street
Belfast
BT2 8FE
 
 
Business Address 55-59 Adelaide Street
Belfast
BT2 8FE
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers HSBC
  25-29 Royal Avenue
  Belfast
  BT1 1FB
   
   
  Danske Bank
  Donegall Square West
  Belfast
  Co Antrim
  BT1 6JS
  Belfast
 
   
Solicitors Robert G Sinclair & Co
  Sinclair House
  23 Bedford Street
  Belfast
  BT2 7EJ



Zen Restaurant (NI) Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of Zen Restaurant (NI) Limited
for the financial year ended 29 February 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 29 February 2024 as set out on pages  to 14 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of Zen Restaurant (NI) Limited, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 29 February 2024 your duty to ensure that Zen Restaurant (NI) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Zen Restaurant (NI) Limited. You consider that Zen Restaurant (NI) Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of Zen Restaurant (NI) Limited. For this reason, we have not verified the adequacy, 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 financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
6 October 2024



Zen Restaurant (NI) Limited
Company Registration Number: NI044220
STATEMENT OF FINANCIAL POSITION
as at 29 February 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 105,156 154,737
Financial assets 5 80,974 73,459
───────── ─────────
Non-Current Assets 186,130 228,196
───────── ─────────
 
Current Assets
Inventories 6 41,082 24,081
Receivables 7 711,655 425,327
Cash and cash equivalents 733,078 595,944
───────── ─────────
1,485,815 1,045,352
───────── ─────────
Payables: amounts falling due within one year 8 (326,554) (249,390)
───────── ─────────
Net Current Assets 1,159,261 795,962
───────── ─────────
Total Assets less Current Liabilities 1,345,391 1,024,158
 
Payables:
amounts falling due after more than one year 9 (8,988) (18,793)
 
Provisions for liabilities 11 (12,654) (13,176)
───────── ─────────
Net Assets 1,323,749 992,189
═════════ ═════════
 
Equity
Called up share capital 1,000 1,000
Retained earnings 1,322,749 991,189
───────── ─────────
Equity attributable to owners of the company 1,323,749 992,189
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 6 October 2024
           
           
________________________________          
Eddie Shui-Yam Fung          
Director          
           



Zen Restaurant (NI) Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
Zen Restaurant (NI) Limited is a company limited by shares incorporated in Northern Ireland. 55-59 Adelaide Street, Belfast, BT2 8FE is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 29 February 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 5% Straight line
  Fixtures, fittings and equipment - 20% Reducing balance
  Motor vehicles - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Financial assets
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable.
 
Inventories
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 38, (2023 - 38).
 
  2024 2023
  Number Number
 
Total Average Number of Employees 38 38
  ═════════ ═════════
           
4. Property, plant and equipment
  Long Fixtures, Motor Total
  leasehold fittings and vehicles  
  property equipment    
  £ £ £ £
Cost
At 1 March 2023 707,370 408,264 58,915 1,174,549
Additions - 10,718 - 10,718
  ───────── ───────── ───────── ─────────
At 29 February 2024 707,370 418,982 58,915 1,185,267
  ───────── ───────── ───────── ─────────
Depreciation
At 1 March 2023 655,528 349,555 14,729 1,019,812
Charge for the financial year 35,367 13,885 11,047 60,299
  ───────── ───────── ───────── ─────────
At 29 February 2024 690,895 363,440 25,776 1,080,111
  ───────── ───────── ───────── ─────────
Carrying amount
At 29 February 2024 16,475 55,542 33,139 105,156
  ═════════ ═════════ ═════════ ═════════
At 28 February 2023 51,842 58,709 44,186 154,737
  ═════════ ═════════ ═════════ ═════════
       
5. Financial fixed assets
  Other Total
  investments  
     
Investments £ £
Cost or Valuation
At 1 March 2023 73,459 73,459
Additions 3,416 3,416
Revaluations 4,099 4,099
  ───────── ─────────
At 29 February 2024 80,974 80,974
  ───────── ─────────
Carrying amount
At 29 February 2024 80,974 80,974
  ═════════ ═════════
At 28 February 2023 73,459 73,459
  ═════════ ═════════
       
6. Inventories 2024 2023
  £ £
 
Finished goods and goods for resale 41,082 24,081
  ═════════ ═════════
       
7. Receivables 2024 2023
  £ £
 
Trade receivables 8,684 6,812
Amounts owed by connected parties (Note 12) 675,265 387,265
Other debtors 11,135 10,000
Taxation  (Note 10) - 1,409
Prepayments and accrued income 16,571 19,841
  ───────── ─────────
  711,655 425,327
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due within one year £ £
 
Net obligations under finance leases
and hire purchase contracts 9,805 9,805
Trade payables 27,321 34,712
Taxation  (Note 10) 275,442 190,818
Director's current account 1,406 177
Other creditors 4,669 5,794
Accruals:
Pension accrual 1,411 1,584
Other accruals 6,500 6,500
  ───────── ─────────
  326,554 249,390
  ═════════ ═════════
 
A debenture issued to Northern Bank Limited including floating charge & negative pledge over all property of the company both present and future was created on 3 August 2016
       
9. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Finance leases and hire purchase contracts 8,988 18,793
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 9,805 9,805
Repayable between one and five years 8,988 18,793
  ───────── ─────────
  18,793 28,598
  ═════════ ═════════
       
10. Taxation 2024 2023
  £ £
 
Receivables:
PAYE / NI - 1,409
  ═════════ ═════════
Payables:
VAT 109,909 97,258
Corporation tax 165,482 93,560
PAYE / NI 51 -
  ───────── ─────────
  275,442 190,818
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 13,176 13,176 7,771
Charged to profit and loss (522) (522) 5,405
  ───────── ───────── ─────────
At financial year end 12,654 12,654 13,176
  ═════════ ═════════ ═════════
           
12. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
House of Zen (Belfast) Limited 269,117 105,000 164,117 269,117
Dim Sum Library Limited 3,148 - 3,148 3,148
FCO Group Limited 403,000 183,000 220,000 403,000
  ───────── ───────── ───────── ═════════
  675,265 288,000 387,265  
  ═════════ ═════════ ═════════  
 
HOUSE OF ZEN (BELFAST) LIMITED
Eddie Fung is a director in both Zen Restaurant (NI) Limited and House of Zen (Belfast) Limited. As at
1 March 2023 House of Zen (Belfast) Limited owed Zen Restaurant (NI) Limited £164,117. During the year
there was a net movement of £105,000. As at 29 February 2024 House of Zen (Belfast) Limited owed Zen
Restaurant (NI) Limited £269,117.

DIM SUM LIBRARY LIMITED
Eddie Fung is a director in Dim Sum Library Limited and Zen Restaurant (NI) Limited. As at 1 March 2023
Zen Restaurant (NI) Limited owed Dim Sum Library Limited £3,148. During the year there was movement of
£nil. Therefore as at 29 February 2024 Dim Sum Library Ltd was owed £3,148 by Zen Restaurant (NI) Limited.

FCO GROUP LIMITED
Eddie Fung is a director in Zen Restaurant (NI) Limited. His son, On Fung is a director in FCO Group Ltd. As
at 1 March 2023 FCO Group Limited owed Zen Restaurant (NI) Limited £220,000. During the year there was
movement of £183,000. Therefore as at 29 February 2024 FCO Group Limited owed Zen Restaurant (NI)
Limited £403,000.