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COMPANY REGISTRATION NUMBER: NI007935
SKANDIA RESTAURANTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
SKANDIA RESTAURANTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
171,772
185,928
Investments
6
1,101
1,101
---------
---------
172,873
187,029
CURRENT ASSETS
Stocks
16,293
16,293
Debtors
7
23,574
1,347
Cash at bank and in hand
365,506
427,984
---------
---------
405,373
445,624
CREDITORS: amounts falling due within one year
8
347,458
394,049
---------
---------
NET CURRENT ASSETS
57,915
51,575
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
230,788
238,604
CREDITORS: amounts falling due after more than one year
9
52,685
78,462
---------
---------
NET ASSETS
178,103
160,142
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
805,000
805,000
Profit and loss account
11
( 626,897)
( 644,858)
---------
---------
SHAREHOLDERS FUNDS
178,103
160,142
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SKANDIA RESTAURANTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 7 October 2024 , and are signed on behalf of the board by:
Mr J Davis
Director
Company registration number: NI007935
SKANDIA RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The accounts have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have prepared management accounts post year end. On the basis of their anticipations concerning cash flow and discussions with the company's bankers, they consider that the company will continue to operate within the facility currently agreed. In addition the directors have confirmed that it is their intention to continue to provide financial support to the company to enable it to discharge its liabilities in the foreseeable future and in particular for the next twelve months. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Adaption of premises
-
Over the remaining period of the lease
Plant and machinery
-
Over 3 to 10 years
Fixtures and fittings
-
Over 3 to 10 years
Equipment
-
Over 3 to 10 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in subsidiaries are stated at cost less provision for any permanent diminution in value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 77 (2023: 71 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
243,858
163,234
530,602
315,511
1,253,205
Additions
5,203
12,938
18,141
---------
---------
---------
---------
------------
At 31 January 2024
243,858
163,234
535,805
328,449
1,271,346
---------
---------
---------
---------
------------
Depreciation
At 1 February 2023
220,451
155,019
416,802
275,005
1,067,277
Charge for the year
5,288
2,977
16,910
7,122
32,297
---------
---------
---------
---------
------------
At 31 January 2024
225,739
157,996
433,712
282,127
1,099,574
---------
---------
---------
---------
------------
Carrying amount
At 31 January 2024
18,119
5,238
102,093
46,322
171,772
---------
---------
---------
---------
------------
At 31 January 2023
23,407
8,215
113,800
40,506
185,928
---------
---------
---------
---------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 February 2023 and 31 January 2024
1,101
-------
Impairment
At 1 February 2023 and 31 January 2024
-------
Carrying amount
At 31 January 2024
1,101
-------
At 31 January 2023
1,101
-------
2024
2023
£
£
100 ordinary shares in Neill's Hill Restaurant Limited
100
100
999 ordinary shares in Restaurant New Orleans Limited
999
999
1 ordinary share in Actons Restaurant Limited
1
1
1 ordinary share in Aldens Restaurant Limited
1
1
-------
-------
1,101
1,101
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
416
504
Prepayments and accrued income
22,498
493
Other debtors
660
350
--------
-------
23,574
1,347
--------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
26,171
28,022
Trade creditors
164,849
197,133
Accruals and deferred income
30,934
41,861
Social security and other taxes
120,849
114,839
Obligations under finance leases and hire purchase contracts
2,390
Other creditors
4,655
9,804
---------
---------
347,458
394,049
---------
---------
The bank loans and overdrafts are secured by a letter of guarantee from two of the directors.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,333
58,333
Other creditors
19,352
20,129
--------
--------
52,685
78,462
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
805,000
805,000
805,000
805,000
---------
---------
---------
---------
11. Reserves
The profit and loss account reserve records retained earnings and accumulated losses.
12. Contingencies
The company had no contingent liabilities at either year end.
13. Directors' advances, credits and guarantees
The company was under the control of the Davis family throughout the current and previous year. During the year, the company repaid net loans of £777 to the directors (2023: £13,866). At balance sheet date, loans remain outstanding to the directors of £19,352 (2023: £20,129). This loan is included in Creditors greater than 1 year.
14. Related party transactions
The company was under the joint control of Mr A Davis and Mr J Davis throughout the current and previous year. There were no transactions with related parties that require disclosure under FRS 102.