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REGISTERED NUMBER: NI614916 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Varenne Restaurants Limited

Varenne Restaurants Limited (Registered number: NI614916)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Varenne Restaurants Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: S Toman
A Kerloch





REGISTERED OFFICE: Unit 9 Howard Buildings
Twin Spires Complex
155 Northumberland Street, Belfast
Belfast
Co. Antrim
BT13 2JF





REGISTERED NUMBER: NI614916 (Northern Ireland)





ACCOUNTANTS: Toman Accountancy Services Ltd
Unit HF 9, Twin Spires Complex
Howard Buildings
155 Northumberland Street
Belfast
Antrim
BT13 2JF

Varenne Restaurants Limited (Registered number: NI614916)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 381,495 390,093

CURRENT ASSETS
Stocks 4,275 3,850
Debtors 5 378,764 332,189
Cash at bank and in hand 521,584 613,888
904,623 949,927
CREDITORS
Amounts falling due within one year 6 453,892 462,839
NET CURRENT ASSETS 450,731 487,088
TOTAL ASSETS LESS CURRENT
LIABILITIES

832,226

877,181

CREDITORS
Amounts falling due after more than one
year

7

(209,146

)

(237,047

)

PROVISIONS FOR LIABILITIES (7,447 ) (7,782 )
NET ASSETS 615,633 632,352

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 615,533 632,252
SHAREHOLDERS' FUNDS 615,633 632,352

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

Varenne Restaurants Limited (Registered number: NI614916)

Statement of Financial Position - continued
31 October 2023


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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





S Toman - Director


Varenne Restaurants Limited (Registered number: NI614916)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Varenne Restaurants Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In preparing these financial statements the directors has made the following judgements:

Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

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
All financial statements of the company are considered to meet the definition of basic financial instruments.

-Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

-Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

-Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issues costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowing are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.


Varenne Restaurants Limited (Registered number: NI614916)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 372,122 2,703 282,655 4,236 661,716
Additions - 778 9,477 - 10,255
At 31 October 2023 372,122 3,481 292,132 4,236 671,971
DEPRECIATION
At 1 November 2022 22,327 2,488 243,516 3,292 271,623
Charge for year 7,443 167 10,785 458 18,853
At 31 October 2023 29,770 2,655 254,301 3,750 290,476
NET BOOK VALUE
At 31 October 2023 342,352 826 37,831 486 381,495
At 31 October 2022 349,795 215 39,139 944 390,093

Varenne Restaurants Limited (Registered number: NI614916)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. DEBTORS
31.10.23 31.10.22
£    £   
Amounts falling due within one year:
Other debtors 249,264 202,689

Amounts falling due after more than one year:
Other debtors 129,500 129,500

Aggregate amounts 378,764 332,189

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 67,197 72,313
Taxation and social security 236,975 214,374
Other creditors 149,720 176,152
453,892 462,839

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 209,146 237,047

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bounceback loan 27,502 37,502

Repayable by instalments
Bank loans more 5 yr by instal 181,644 199,545

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 209,146 237,047

Bank of Ireland has a fixed charge over land and property situated at 1 Oxford Street, Belfast, BT1 3LA.

9. RELATED PARTY DISCLOSURES

Included in debtors is an amount of £129.5k owing to the company by the director S Toman. This is included as other debtors. This loan is repayable on demand.

Varenne Restaurants Limited (Registered number: NI614916)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S Toman by way of his shareholding.