Company registration number 13730668 (England and Wales)
REBEL INTERNET RESTAURANT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
REBEL INTERNET RESTAURANT LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
REBEL INTERNET RESTAURANT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of take-away food shops and mobile food stands.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Kallol Banerjee
Ravi Golani
Auditor
The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
..............................................
Ravi Golani
Director
28 June 2024
REBEL INTERNET RESTAURANT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
REBEL INTERNET RESTAURANT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
3,613
Current assets
Stocks
8
95,980
45,213
Debtors
9
126,208
61,402
Cash at bank and in hand
69,289
95,579
291,477
202,194
Creditors: amounts falling due within one year
10
(813,979)
(234,444)
Net current liabilities
(522,502)
(32,250)
Net liabilities
(522,502)
(28,637)
Capital and reserves
Called up share capital
11
732,000
732,000
Profit and loss reserves
(1,254,502)
(760,637)
Total equity
(522,502)
(28,637)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 June 2024 and are signed on its behalf by:
..............................................
Ravi Golani
Director
Company registration number 13730668 (England and Wales)
REBEL INTERNET RESTAURANT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
732,000
(1,733)
730,267
Year ended 31 March 2023:
Loss and total comprehensive income
-
(758,904)
(758,904)
Balance at 31 March 2023
732,000
(760,637)
(28,637)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(493,865)
(493,865)
Balance at 31 March 2024
732,000
(1,254,502)
(522,502)
REBEL INTERNET RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Rebel Internet Restaurant Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 New Fetter Lane, London, EC4A 1JP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is able to fund its other costs and meet its liabilities, through utilisation of existing cash resources and with continued support from its parent company. The company is therefore dependant upon its parent company for continuing financial support. At 31 March 2024, the company had a net loss of £494k (2023: net loss £759k), net liabilities and deficiency in shareholders funds of £523k (2023: £29k).true
The parent company, Rebel Foods Singapore PTE. Limited, will continue to provide the working capital as and when required.
The directors are not aware of any likely events, conditions or business risks beyond this period that may cast significant doubt on the company's ability to continue as a going concern. Accordingly, the directors have reviewed the financial forecast and cash flow projections for the next 12 months from the date of approval of the financial statements and based on this, together with the support from the parent company, the directors have a reasonable expectation to continue to prepare to prepare these financial statements on the going concern basis.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of goods supplied during the period, exclusive of Value Added Tax.
Royalty payments from franchisee is recognised when payment is tendered by the customer at the point of sale.
Revenue is recognised from sale of condiments upon delivery.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
REBEL INTERNET RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
REBEL INTERNET RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
There were no changes in comparative figures during the year.
REBEL INTERNET RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
In the application of the accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Such estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The directors have made the following assumptions that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Useful lives of property, plant and equipment
Management reviews the useful lives, depreciation methods and residual values of the items of property, plant and equipment and intangible assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of property, plant and equipment are disclosed in note 6.
3
Turnover
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
UK Sales
2,506,016
1,688,971
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,500
6,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
REBEL INTERNET RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(493,865)
(758,904)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(123,466)
(144,192)
Unutilised tax losses carried forward
123,418
144,192
Permanent capital allowances in excess of depreciation
48
Taxation charge for the year
-
-
7
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
4,817
Disposals
(4,817)
At 31 March 2024
Depreciation and impairment
At 1 April 2023
1,204
Eliminated in respect of disposals
(1,204)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
3,613
8
Stocks
2024
2023
£
£
Frozen foods
95,980
45,213
REBEL INTERNET RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,650
5,336
Other debtors
109,558
56,066
126,208
61,402
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
109,031
98,787
Amounts owed to group undertakings
636,209
75,334
Taxation and social security
6,681
10,739
Accruals and deferred income
62,058
49,584
813,979
234,444
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares paid of £1 each
732,000
732,000
732,000
732,000
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
Date of audit report:
28 June 2024
13
Related party transactions
Included within cost of sales is an amount of £173,110 (2023: £74,669) relating to royalties paid to ultimate parent company, Rebel Foods PVT Limited.
Balances with related parties
The following amounts were outstanding at the reporting end date:
REBEL INTERNET RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Related party transactions
(Continued)
- 11 -
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Rebel Foods PVT Limited
-
111,374
-
Rebel Foods Singapore PTE. Limited
-
524,836
665
14
Parent company
The parent company of Rebel Internet Restaurants Limited is Rebel Foods Singapore PTE. Limited.
The ultimate parent company is Rebel Foods PVT Limited.
2024-03-312023-04-01false28 June 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedKallol BanerjeeRavi Golanifalsefalse137306682023-04-012024-03-3113730668bus:Director12023-04-012024-03-3113730668bus:Director22023-04-012024-03-31137306682024-03-31137306682023-03-3113730668core:OtherPropertyPlantEquipment2024-03-3113730668core:OtherPropertyPlantEquipment2023-03-3113730668core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113730668core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113730668core:CurrentFinancialInstruments2024-03-3113730668core:CurrentFinancialInstruments2023-03-3113730668core:ShareCapital2024-03-3113730668core:ShareCapital2023-03-3113730668core:RetainedEarningsAccumulatedLosses2024-03-3113730668core:RetainedEarningsAccumulatedLosses2023-03-3113730668core:ShareCapital2022-03-3113730668core:RetainedEarningsAccumulatedLosses2022-03-3113730668core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31137306682022-04-012023-03-3113730668core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113730668core:PlantMachinery2023-04-012024-03-3113730668core:UKTax2023-04-012024-03-3113730668core:UKTax2022-04-012023-03-3113730668core:OtherPropertyPlantEquipment2023-03-3113730668core:OtherPropertyPlantEquipment2023-04-012024-03-3113730668core:WithinOneYear2024-03-3113730668core:WithinOneYear2023-03-3113730668bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113730668bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113730668bus:FRS1022023-04-012024-03-3113730668bus:Audited2023-04-012024-03-3113730668bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP