Registration number:
Asiatique Restaurant Company Limited
for the Year Ended 29 February 2024
Asiatique Restaurant Company Limited
Contents
Company Information |
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Director's Report |
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Statement of Director's Responsibilities |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Asiatique Restaurant Company Limited
Company Information
Director |
Mr Ekkapat Rattanapanya |
Registered office |
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Accountants |
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Asiatique Restaurant Company Limited
Director's Report for the Year Ended 29 February 2024
The director presents his report and the financial statements for the year ended 29 February 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is that of operating a restaurant
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
This report was approved by the
.........................................
Director
Asiatique Restaurant Company Limited
Statement of Director's Responsibilities
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Asiatique Restaurant Company Limited
for the Year Ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Asiatique Restaurant Company Limited for the year ended 29 February 2024 as set out on pages 5 to 16 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Asiatique Restaurant Company Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2016. Our work has been undertaken solely to prepare for your approval the accounts of Asiatique Restaurant Company Limited and state those matters that we have agreed to state to the Board of Directors of Asiatique Restaurant Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Asiatique Restaurant Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Asiatique Restaurant Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Asiatique Restaurant Company Limited. You consider that Asiatique Restaurant Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Asiatique Restaurant Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
............................................................................
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
Asiatique Restaurant Company Limited
Profit and Loss Account for the Year Ended 29 February 2024
Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
- |
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Operating (loss)/profit |
( |
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Interest payable and similar expenses |
( |
( |
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(Loss)/profit before tax |
( |
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Taxation |
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( |
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(Loss)/profit for the financial year |
( |
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Asiatique Restaurant Company Limited
(Registration number: 10026687)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Asiatique Restaurant Company Limited
(Registration number: 10026687)
Balance Sheet as at 29 February 2024 (continued)
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the
......................................... |
Asiatique Restaurant Company Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
Share capital |
Retained earnings |
Total |
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At 1 March 2022 |
|
|
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 28 February 2023 |
100 |
111,526 |
111,626 |
Share capital |
Retained earnings |
Total |
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At 1 March 2023 |
|
|
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Loss for the year |
- |
( |
( |
Dividends |
- |
( |
( |
At 29 February 2024 |
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Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a incorporated in United kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are accounted under the accruals model as permitted by FRS102. Grants of revenue nature are recognised in the financial statements in the same period as the related expenditure.
Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10% on st. line basis |
Motor cars |
25% on WDV |
Office equipment |
25% on WDV |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Staff numbers |
The average monthly number of persons employed by the company (including the director) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 March 2023 |
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|
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Additions |
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|
- |
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Disposals |
- |
( |
- |
( |
At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Included within the net book value of land and buildings above is £23,039 (2023 - £14,557) in respect of short leasehold land and buildings.
Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Directors current account |
14,878 |
32,256 |
|
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Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Bank borrowings |
10,000 |
10,000 |
Other borrowings |
50,504 |
- |
Trade creditors |
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- |
Taxation and social security |
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Other creditors |
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Due after one year |
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Bank loans |
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Creditors: amounts falling due after more than one year
Bank borrowings consists of a government-backed Bounce Back Loan with a repayment term of 6 years from May 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Dividends |
2024 |
2023 |
|||
£ |
£ |
|||
Interim dividend of £ |
28,000 |
57,000 |
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Asiatique Restaurant Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Related party transactions |
Director's remuneration
The director's remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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