Lang's Restaurant Limited 14598035 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of a restaurant. Digita Accounts Production Advanced 6.30.9574.0 true true 14598035 2023-04-01 2024-03-31 14598035 2024-03-31 14598035 core:RetainedEarningsAccumulatedLosses 2024-03-31 14598035 core:ShareCapital 2024-03-31 14598035 core:CurrentFinancialInstruments 2024-03-31 14598035 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14598035 core:FurnitureFittings 2024-03-31 14598035 core:OfficeEquipment 2024-03-31 14598035 bus:SmallEntities 2023-04-01 2024-03-31 14598035 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 14598035 bus:FilletedAccounts 2023-04-01 2024-03-31 14598035 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 14598035 bus:RegisteredOffice 2023-04-01 2024-03-31 14598035 bus:Director1 2023-04-01 2024-03-31 14598035 bus:Director2 2023-04-01 2024-03-31 14598035 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14598035 core:FurnitureFittings 2023-04-01 2024-03-31 14598035 core:OfficeEquipment 2023-04-01 2024-03-31 14598035 core:OtherRelatedParties 2023-04-01 2024-03-31 14598035 countries:England 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 14598035

Lang's Restaurant Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lang's Restaurant Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lang's Restaurant Limited

Company Information

Directors

Paul Lang

Claire Elizabeth Lang

Registered office

Unit 9
Bridge Court
Liverpool New Road
Little Hoole
Lancashire
PR4 5BF

Accountants

S.B.P. (Southport) Limited T/A SB Patel & Co
Chartered Certified Accountants
Tolsey House
1 Marshside Road
Southport
Merseyside
PR9 9TL

 

Lang's Restaurant Limited

(Registration number: 14598035)
Statement of Financial Position as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

174,029

Current assets

 

Stocks

5

17,800

Debtors

6

66,822

Cash at bank and in hand

 

74,509

 

159,131

Creditors: Amounts falling due within one year

7

(158,757)

Net current assets

 

374

Net assets

 

174,403

Capital and reserves

 

Called up share capital

100

Retained earnings

174,303

Shareholders' funds

 

174,403

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

.........................................
Paul Lang
Director

.........................................
Claire Elizabeth Lang
Director

 

Lang's Restaurant 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 England.

The address of its registered office is:
Unit 9
Bridge Court
Liverpool New Road
Little Hoole
Lancashire
PR4 5BF
England

These financial statements were authorised for issue by the Board on 16 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue 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. Revenue 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.

 

Lang's Restaurant Limited

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

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 statement of financial position 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:

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.

 

Lang's Restaurant 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 income statement 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20.

 

Lang's Restaurant Limited

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

Additions

217,216

320

217,536

At 31 March 2024

217,216

320

217,536

Depreciation

Charge for the year

43,443

64

43,507

At 31 March 2024

43,443

64

43,507

Carrying amount

At 31 March 2024

173,773

256

174,029

5

Stocks

2024
£

Other inventories

17,800

6

Debtors

Current

2024
£

Trade debtors

23,548

Prepayments

5,386

Other debtors

37,888

 

66,822

 

Lang's Restaurant Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

8

7,690

Trade creditors

 

48,650

Taxation and social security

 

64,315

Accruals and deferred income

 

1,880

Other creditors

 

36,222

 

158,757

8

Loans and borrowings

Current loans and borrowings

2024
£

Bank overdrafts

7,690

9

Related party transactions

Summary of transactions with other related parties

Churchtown Restaurants Limited
 During the year, there were transactions totalling £3420 resulting in an inter-company loan with Churchtown Restaurants Limited, a company in which Mrs C Lang has a controlling interest. The amount outstanding at the end of the year was £3420 disclosed in other debtors.

Ainsdale Restaurants Limited
During the year, there were transactions totalling £30113 resulting in an inter-company loan with Ainsdale Restaurants Limited, a company in which Mr P Lang & Mrs C Lang have a controlling interest. The amount outstanding at the end of the year was £30113 disclosed in other creditors.

Longton Restaurants Ltd
During the year, there were transactions totalling £34292 resulting in an inter-company loan with Longton Restaurants Ltd, a company in which Mr P Lang & Mrs C Lang have a controlling interest. The amount outstanding at the end of the year was £34292 disclosed in other debtors.