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Company No: 03387237 (England and Wales)

ORCHARD RESTAURANT (TAUNTON RACECOURSE) LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

ORCHARD RESTAURANT (TAUNTON RACECOURSE) LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

ORCHARD RESTAURANT (TAUNTON RACECOURSE) LIMITED

BALANCE SHEET

As at 31 May 2024
ORCHARD RESTAURANT (TAUNTON RACECOURSE) LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 40,026 51,418
40,026 51,418
Current assets
Stocks 15,646 12,005
Debtors 4 231,095 96,961
Cash at bank and in hand 190,536 111,942
437,277 220,908
Creditors: amounts falling due within one year 5 ( 121,052) ( 73,775)
Net current assets 316,225 147,133
Total assets less current liabilities 356,251 198,551
Provision for liabilities ( 9,263) ( 9,769)
Net assets 346,988 188,782
Capital and reserves
Called-up share capital 2 2
Profit and loss account 346,986 188,780
Total shareholder's funds 346,988 188,782

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Orchard Restaurant (Taunton Racecourse) Limited (registered number: 03387237) were approved and authorised for issue by the Board of Directors on 20 September 2024. They were signed on its behalf by:

D H Griffin
Director
ORCHARD RESTAURANT (TAUNTON RACECOURSE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
ORCHARD RESTAURANT (TAUNTON RACECOURSE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Orchard Restaurant (Taunton Racecourse) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The principal place of business is Orchard Portman, Taunton, Somerset, TA3 7BL.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised when goods and services are provided to customers, or functions are held.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 25

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 300,469 300,469
Additions 6,603 6,603
At 31 May 2024 307,072 307,072
Accumulated depreciation
At 01 June 2023 249,051 249,051
Charge for the financial year 17,995 17,995
At 31 May 2024 267,046 267,046
Net book value
At 31 May 2024 40,026 40,026
At 31 May 2023 51,418 51,418

4. Debtors

2024 2023
£ £
Trade debtors 31,489 73,582
Amounts owed by Group undertakings 199,355 21,564
Other debtors 251 1,815
231,095 96,961

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,577 7,885
Taxation and social security 94,302 44,456
Other creditors 17,173 21,434
121,052 73,775