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Registration number: 11885006

Louis St George Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Louis St George Limited

Contents

Company Information

1

Directors' 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

 

Louis St George Limited

Company Information

Directors

L Loizou

G Sands

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
Chartered Accountants & Auditors
590 Green Lanes
Palmers Green
London
N13 5RY

 

Louis St George Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

L Loizou

G Capsalis (ceased 19 June 2023)

G Sands (appointed 19 June 2023)

Principal activity

The principal activity of the company is that of a restaurant.

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 Board on 3 October 2024 and signed on its behalf by:
 

.........................................
L Loizou
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Louis St George Limited
for the Year 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 Louis St George Limited for the year 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 Louis St George Limited, as a body, in accordance with the terms of our engagement letter dated 15 March 2019. Our work has been undertaken solely to prepare for your approval the accounts of Louis St George Limited and state those matters that we have agreed to state to the Board of Directors of Louis St George 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 Louis St George Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Louis St George 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 Louis St George Limited. You consider that Louis St George Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Louis St George 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.

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

Thomas Alexander & Co Ltd
Chartered Accountants & Auditors
590 Green Lanes
Palmers Green
London
N13 5RY

3 October 2024

 

Louis St George Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,106,229

1,197,080

Cost of sales

 

(385,622)

(422,855)

Gross profit

 

720,607

774,225

Administrative expenses

 

(589,246)

(671,707)

Operating profit

 

131,361

102,518

Interest payable and similar expenses

 

322

(1,130)

Profit before tax

4

131,683

101,388

Tax on profit

 

(35,933)

(24,360)

Profit for the financial year

 

95,750

77,028

The above results were derived from continuing operations.

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

 

Louis St George Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

95,750

77,028

Total comprehensive income for the year

95,750

77,028

 

Louis St George Limited

(Registration number: 11885006)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

178,266

195,836

Current assets

 

Stocks

6

2,395

1,369

Debtors

7

47,684

5,798

Cash at bank and in hand

 

18,193

95,547

 

68,272

102,714

Creditors: Amounts falling due within one year

8

(150,224)

(147,134)

Net current liabilities

 

(81,952)

(44,420)

Total assets less current liabilities

 

96,314

151,416

Creditors: Amounts falling due after more than one year

8

(30,816)

(37,348)

Net assets

 

65,498

114,068

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

65,398

113,968

Shareholders' funds

 

65,498

114,068

 

Louis St George Limited

(Registration number: 11885006)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 3 October 2024 and signed on its behalf by:
 

.........................................
L Loizou
Director

 

Louis St George Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

113,968

114,068

Profit for the year

-

95,750

95,750

Dividends

-

(144,320)

(144,320)

At 31 March 2024

100

65,398

65,498

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

156,940

157,040

Profit for the year

-

77,028

77,028

Dividends

-

(120,000)

(120,000)

At 31 March 2023

100

113,968

114,068

 

Louis St George Limited

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

1

General information

The company is a private company limited by share capital, incorporated in UK .

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 3 October 2024.

2

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.

 

Louis St George Limited

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

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.

 

Louis St George Limited

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

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

Leasehold improvements

10% Straight line basis

Plant & machinery

15% Reducing balance basis

Furnitures & fixtures

15% Reducing balance basis

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.

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.

 

Louis St George Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 16).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

33,526

33,518

 

Louis St George Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

176,166

136,675

28,495

341,336

Additions

-

10,707

5,610

16,317

Disposals

-

-

(361)

(361)

At 31 March 2024

176,166

147,382

33,744

357,292

Depreciation

At 1 April 2023

70,434

62,385

12,681

145,500

Charge for the year

17,617

12,750

3,159

33,526

At 31 March 2024

88,051

75,135

15,840

179,026

Carrying amount

At 31 March 2024

88,115

72,247

17,904

178,266

At 31 March 2023

105,732

74,290

15,814

195,836

Included within the net book value of land and buildings above is £88,115 (2023 - £105,732) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

2,395

1,369

7

Debtors

2024
£

2023
£

Trade debtors

25,536

-

Prepayments

22,148

3,398

Other debtors

-

2,400

47,684

5,798

 

Louis St George Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,480

13,860

Trade creditors

 

43,660

21,235

Taxation and social security

 

91,905

90,491

Other creditors

 

4,179

21,548

 

150,224

147,134

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

30,816

37,348

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,443.20 (2023 - £1,200.00) per each Ordinary shares

144,320

120,000

 

 
 

Louis St George Limited

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

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £587,500 (2023 - £652,500). This relates to 15 years lease agreement started on the 15th May 2019, the annual commitments of the lease is £75,000 the lease ends on the 15th May 2034. So your commitment is for the period 1st April 24 until lease expiry.

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

71,197

94,739

Summary of transactions with other related parties


Included in loans and borrowings less than one year is an amount of £3,825 (2023: £8,780) owed to Louis Loizou and £1,575 (2023: £Nil) owed to Gerry Sands the directors of the company.