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Company registration number:
12673102
Magenta Restaurants Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Magenta Restaurants Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Magenta Restaurants Ltd
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magenta Restaurants Ltd for the period ended 31 March 2024 which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the AIA, we are subject to its ethical and other professional requirements which are detailed at www.aiaworldwide.com/code-ethics.
This report is made solely to the Board of Directors of Magenta Restaurants Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Magenta Restaurants Ltd and state those matters that we have agreed to state to the Board of Directors of Magenta Restaurants Ltd, as a body, in this report in accordance with the requirements of the AIA as detailed at www.aiaworldwide.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magenta Restaurants Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Magenta Restaurants Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Magenta Restaurants Ltd. You consider that Magenta Restaurants Ltd 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 financial statements of Magenta Restaurants Ltd. 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 financial statements.
ELEFTHERIOU & CO
ACCOUNTANTS
133 CHASE SIDE
LONDON
N14 5HD
United Kingdom
Date:
24 December 2024
Magenta Restaurants Ltd
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
1,327,762
 
1,733,919
 
Current assets    
Stocks
28,183
 
158,521
 
Debtors 6
67,437
 
95,657
 
Cash at bank and in hand
162,774
 
93,413
 
258,394
 
347,591
 
Creditors: amounts falling due within one year 7
(6,028,895
)
(5,066,965
)
Net current liabilities
(5,770,501
)
(4,719,374
)
Total assets less current liabilities (4,442,739 ) (2,985,455 )
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(4,442,839
)
(2,985,555
)
Shareholders deficit
(4,442,739
)
(2,985,455
)
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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 Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
24 December 2024
, and are signed on behalf of the board by:
A Megaro
Director
Company registration number:
12673102
Magenta Restaurants Ltd
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Derbyshire House
,
St. Chad's Street
,
London
,
WC1H 8AG
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% Reducing Balance
Fixtures and fittings
25% Reducing Balance
Land and buildings
Short Leasehold property Straight line over 10 years

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Cash at Bank and In Hand

Cash at bank and in hand is necessary for the continued use in the business.
The cash balance held in the bank as of 31 March 2024 is retained for specific business purposes. The directors have conducted an annual review and have documented the business justification for maintaining this cash reserve. This cash is earmarked for specific business purpose, e.g., future expansion, operational liquidity, or planned capital expenditure, and is essential for the ongoing operations and strategic objectives of the business. The directors monitor the cash position regularly to ensure it aligns with the business needs and objectives.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
279,835
 
2,837,889
 
3,117,724
 
Additions -  
6,114
 
6,114
 
At
31 March 2024
279,835
 
2,844,003
 
3,123,838
 
Depreciation      
At
1 April 2023
76,954
 
1,306,851
 
1,383,805
 
Charge
27,983
 
384,288
 
412,271
 
At
31 March 2024
104,937
 
1,691,139
 
1,796,076
 
Carrying amount      
At
31 March 2024
174,898
 
1,152,864
 
1,327,762
 
At 31 March 2023
202,881
 
1,531,038
 
1,733,919
 

6 Debtors

20242023
££
Trade debtors
29,106
 
40,577
 
Other debtors
38,331
 
55,080
 
67,437
 
95,657
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
593,338
 
684,898
 
Taxation and social security
203
  -  
Other creditors
5,435,354
 
4,382,067
 
6,028,895
 
5,066,965
 
Other creditors includes the amount of £823,795 advanced by the Director interest free to the company. £4,608,559 relates to loans from connected companies.

8 Directors' advances, credit and guarantees

Other creditors includes the amount of £823,795 advanced by the Director interest free to the company, and repayable on demand.