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REGISTERED NUMBER: 03267783 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Restaurant 71 Ltd

Restaurant 71 Ltd (Registered number: 03267783)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Restaurant 71 Ltd

Company Information
for the Year Ended 31 March 2024







Directors: J P Ellison
A Slack





Secretary: J P Ellison





Registered office: 114-120 Northgate Street
Chester
CH1 2HT





Registered number: 03267783 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Restaurant 71 Ltd (Registered number: 03267783)

Statement of Financial Position
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 91,049 82,632

Current assets
Stocks 38,905 33,380
Debtors 5 113,642 113,642
Cash at bank 398,471 393,296
551,018 540,318
Creditors
Amounts falling due within one year 6 200,336 200,474
Net current assets 350,682 339,844
Total assets less current liabilities 441,731 422,476

Provisions for liabilities 7 22,316 20,114
Net assets 419,415 402,362

Capital and reserves
Called up share capital 100 100
Retained earnings 419,315 402,262
419,415 402,362

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Restaurant 71 Ltd (Registered number: 03267783)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





J P Ellison - Director


Restaurant 71 Ltd (Registered number: 03267783)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Restaurant 71 Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; 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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Shop fittings - 10% on cost
Fixtures and fittings - 10% on cost
Equipment - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Restaurant 71 Ltd (Registered number: 03267783)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
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.

3. Employees and directors

The average number of employees during the year was 34 (2023 - 34 ) .

Restaurant 71 Ltd (Registered number: 03267783)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. Tangible fixed assets
Fixtures
Leasehold Shop and
improvements fittings fittings Equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 9,584 81,813 89,994 339,518 520,909
Additions - 1,561 5,025 19,883 26,469
At 31 March 2024 9,584 83,374 95,019 359,401 547,378
Depreciation
At 1 April 2023 9,584 51,060 75,199 302,434 438,277
Charge for year - 2,977 3,448 11,627 18,052
At 31 March 2024 9,584 54,037 78,647 314,061 456,329
Net book value
At 31 March 2024 - 29,337 16,372 45,340 91,049
At 31 March 2023 - 30,753 14,795 37,084 82,632

5. Debtors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Amounts owed by group undertakings 113,642 113,642

6. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade creditors 61,812 55,592
Taxation and social security 103,170 90,775
Other creditors 35,354 54,107
200,336 200,474

7. Provisions for liabilities
31/3/24 31/3/23
£    £   
Deferred tax
Accelerated capital allowances 22,316 20,114

Restaurant 71 Ltd (Registered number: 03267783)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 April 2023 20,114
Charge to Statement of Income and Retained Earnings
during year

2,202
Balance at 31 March 2024 22,316

8. Related party disclosures

A director has made a loan to the company. At 31 March 2024 the balance on this loan was £nil (2023: £22,100). The loan is interest free, unsecured and repayable on demand.