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REGISTERED NUMBER: 14943706 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024

FOR

IT'S SEAR BAR AND GRILL LIMITED

IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IT'S SEAR BAR AND GRILL LIMITED

COMPANY INFORMATION
FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024







DIRECTORS: Mr David Michael Murphy
Mr Jack Francis Ince





REGISTERED OFFICE: 17 Moor Park Avenue
Preston
Lancashire
PR1 6AS





REGISTERED NUMBER: 14943706 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

BALANCE SHEET
30TH JUNE 2024

Notes £   
FIXED ASSETS
Tangible assets 4 93,312

CURRENT ASSETS
Stocks 5 3,564
Debtors 6 11,386
Cash at bank and in hand 1,089
16,039
CREDITORS
Amounts falling due within one year 7 (142,471 )
NET CURRENT LIABILITIES (126,432 )
TOTAL ASSETS LESS CURRENT LIABILITIES (33,120 )

CAPITAL AND RESERVES
Called up share capital 10 100
Retained earnings 11 (33,220 )
SHAREHOLDERS' FUNDS (33,120 )

IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

BALANCE SHEET - continued
30TH JUNE 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th November 2024 and were signed on its behalf by:





Mr David Michael Murphy - Director


IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024


1. STATUTORY INFORMATION

It's Sear Bar and Grill Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued

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.

Basic financial assets:
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
Additions 101,281 500 101,781
At 30th June 2024 101,281 500 101,781
DEPRECIATION
Charge for period 8,407 62 8,469
At 30th June 2024 8,407 62 8,469
NET BOOK VALUE
At 30th June 2024 92,874 438 93,312

5. STOCKS
£   
Stocks 3,564

IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 11,386

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 11,323
Taxation and social security 1,610
Other creditors 129,538
142,471

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
£   
Within one year 7,500
Between one and five years 30,000
37,500

9. DEFERRED TAX
£   
Provided during period (7,792 )
Balance at 30th June 2024 (7,792 )

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal
value: £   
30 Ordinary "A" shares £1 30
30 Ordinary "B" shares £1 30
40 Ordinary "C" shares £1 40
100

The following shares were allotted at par during the period:

30 Ordinary A shares of £1 each
30 Ordinary B shares of £1 each
40 Ordinary C shares of £1 each

IT'S SEAR BAR AND GRILL LIMITED (REGISTERED NUMBER: 14943706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 19TH JUNE 2023 TO 30TH JUNE 2024


11. RESERVES
Retained
earnings
£   

Deficit for the period (33,220 )
At 30th June 2024 (33,220 )

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30th June 2024:

£   
Mr Jack Francis Ince
Balance outstanding at start of period -
Amounts advanced 11,486
Amounts repaid (10,159 )
Amounts written off -
Amounts waived -
Balance outstanding at end of period 1,327