OXFORD FINE DINING LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
OXFORD FINE DINING LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
94,994
113,162
Investments
5
10
10
95,004
113,172
Current assets
Stocks
2,026
1,675
Debtors
6
582,349
190,447
Cash at bank and in hand
459,019
660,948
1,043,394
853,070
Creditors: amounts falling due within one year
7
(735,250)
(665,976)
Net current assets
308,144
187,094
Total assets less current liabilities
403,148
300,266
Creditors: amounts falling due after more than one year
8
(25,000)
Provisions for liabilities
(20,698)
(27,029)
Net assets
382,450
248,237
Capital and reserves
Called up share capital
9
24
23
Capital redemption reserve
11
11
Profit and loss reserves
382,415
248,203
Total equity
382,450
248,237
OXFORD FINE DINING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 31 October 2024 and are signed on its behalf by:
Ms S Randall
Director
Company registration number 06262543 (England and Wales)
OXFORD FINE DINING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
23
11
91,360
91,394
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
160,843
160,843
Dividends
-
-
(4,000)
(4,000)
Balance at 31 March 2023
23
11
248,203
248,237
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
139,212
139,212
Issue of share capital
9
1
-
-
1
Dividends
-
-
(5,000)
(5,000)
Balance at 31 March 2024
24
11
382,415
382,450
OXFORD FINE DINING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Oxford Fine Dining Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12, Oddington Grange, Weston-On-The-Green, Bicester, Oxfordshire, OX25 3QW.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents consideration received or receivable for goods and services net of VAT.
1.3
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:
Leasehold improvements
Over the life of the lease
Plant and equipment
25% on straight line
Fixtures and fittings
25% on straight line
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
OXFORD FINE DINING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
OXFORD FINE DINING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.11
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.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
50
28
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
45,887
186,723
232,610
Additions
8,264
15,766
24,030
At 31 March 2024
54,151
202,489
256,640
Depreciation and impairment
At 1 April 2023
1,416
118,032
119,448
Depreciation charged in the year
3,097
39,101
42,198
At 31 March 2024
4,513
157,133
161,646
Carrying amount
At 31 March 2024
49,638
45,356
94,994
At 31 March 2023
44,471
68,691
113,162
OXFORD FINE DINING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
10
10
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
172,333
176,609
Corporation tax recoverable
92,376
Other debtors
317,640
13,838
582,349
190,447
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,000
Trade creditors
78,716
85,458
Amounts owed to group undertakings
58,010
10
Corporation tax
147,253
28,054
Other taxation and social security
102,166
150,671
Other creditors
349,105
381,783
735,250
665,976
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,000
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
11
11
11
11
Ordinary B shares of £1 each
10
10
10
10
Ordinary C shares of £1 each
1
1
1
1
Ordinary D shares of £1 each
1
-
1
-
Ordinary E shares of £1 each
1
1
1
1
24
23
24
23
OXFORD FINE DINING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Called up share capital
(Continued)
- 8 -
During the year, the company issued 1 £1 ordinary share at nominal value.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
47,947
81,371
11
Related party transactions
During the year, the company paid dividends of £1,000 to a director who holds Ordinary A shares (2023: £2,000).
During the year, the company paid dividends of £1,000 to a director who holds Ordinary B shares (2023: £2,000).
During the year, the company paid dividends of £1,000 to a director who holds Ordinary C shares (2023: £NIL).
During the year, the company paid dividends of £1,000 to a shareholder who holds Ordinary D shares (2023: £NIL).
During the year, the company paid dividends of £1,000 to a director who holds Ordinary E shares (2023: £NIL).
12
Directors' transactions
Included in creditors is £1,000 owed to a director (2023: £Nil) . This amount is unsecured with no fixed repayable terms. No interest has been charged in line with the office rate of interest.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director 1
2.25
-
150,000
2,357
(1,000)
151,357
Director 2
2.25
-
150,000
2,351
-
152,351
-
300,000
4,708
(1,000)
303,708