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Registration number: 07541216

One Vyner Street Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

One Vyner Street Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

One Vyner Street Limited

(Registration number: 07541216)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

254,311

275,384

Current assets

 

Stocks

5

31,056

26,211

Debtors

6

110,403

72,751

Cash at bank and in hand

 

94,998

616

 

236,457

99,578

Creditors: Amounts falling due within one year

7

(364,045)

(224,004)

Net current liabilities

 

(127,588)

(124,426)

Total assets less current liabilities

 

126,723

150,958

Creditors: Amounts falling due after more than one year

7

(32,365)

(78,520)

Net assets

 

94,358

72,438

Capital and reserves

 

Called up share capital

9

15

15

Retained earnings

94,343

72,423

Shareholders' funds

 

94,358

72,438

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 December 2024 and signed on its behalf by:
 

.........................................
Mr Mitshel Ibrahim
Director

 

One Vyner Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Vyner Street
London
E2 9DG
United Kingdom

These financial statements were authorised for issue by the Board on 26 December 2024.

2

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 financial statements are prepared in Sterling(£) which is also the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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:

 

One Vyner Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Plant & Machinery

10% Straight Line

Fixture & Fittings

25% Reducing Balance

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.

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.

 

One Vyner Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 13).

 

One Vyner Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

255,904

120,454

376,358

Additions

28,126

10,170

38,296

At 31 March 2024

284,030

130,624

414,654

Depreciation

At 1 April 2023

86,677

14,297

100,974

Charge for the year

46,307

13,062

59,369

At 31 March 2024

132,984

27,359

160,343

Carrying amount

At 31 March 2024

151,046

103,265

254,311

At 31 March 2023

169,227

106,157

275,384

5

Stocks

2024
£

2023
£

Other inventories

31,056

26,211

6

Debtors

Current

2024
£

2023
£

Trade debtors

28,333

-

Prepayments

33,070

23,851

Other debtors

49,000

48,900

 

110,403

72,751

7

Creditors

Creditors: amounts falling due within one year

 

One Vyner Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

18,504

21,461

Trade creditors

 

109,219

140,078

Taxation and social security

 

157,877

34,646

Accruals and deferred income

 

11,482

10,280

Other creditors

 

66,963

17,539

 

364,045

224,004

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

17,365

39,000

Other non-current financial liabilities

 

15,000

39,520

 

32,365

78,520

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,365

39,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,077

-

Bank overdrafts

-

4,560

Hire purchase contracts

8,427

16,901

18,504

21,461

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

15 Ordinary Shares of £1 each

15

15

15

15