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Registration number: 11947544

French Quarter Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

French Quarter Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Accountants' Report

4

Income Statement

5

Statement of Comprehensive Income

6

Statement of Financial Position

7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

French Quarter Limited

Company Information

Directors

Mr Sebastien Pacault

Noctis Event SAS

Registered office

Third Floor
20 Old Bailey
London
EC4M 7AN

Solicitors

Travers Smith LLP

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

French Quarter Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Guillaume Glipa (ceased 31 August 2024)

Mr Sebastien Pacault

Noctis Event SAS

Principal activity

The principal activity of the company is event catering activities and 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.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr Sebastien Pacault
Director

 

French Quarter Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

select suitable accounting policies and apply them consistently;

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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
French Quarter Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of French Quarter Limited for the year ended 31 December 2023 as set out on pages 5 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of French Quarter Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of French Quarter Limited and state those matters that we have agreed to state to the Board of Directors of French Quarter Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than French Quarter Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that French Quarter 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 French Quarter Limited. You consider that French Quarter 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 French Quarter 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.

......................................

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

18 December 2024

 

French Quarter Limited

Income Statement for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

5,050,074

4,242,507

Cost of sales

 

(1,327,011)

(1,177,392)

Gross profit

 

3,723,063

3,065,115

Administrative expenses

 

(4,314,683)

(3,823,546)

Operating loss

 

(591,620)

(758,431)

Interest payable and similar expenses

 

(418,909)

(361,478)

Loss before tax

4

(1,010,529)

(1,119,909)

Loss for the financial year

 

(1,010,529)

(1,119,909)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

French Quarter Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Loss for the year

(1,010,529)

(1,119,909)

Total comprehensive income for the year

(1,010,529)

(1,119,909)

 

French Quarter Limited

(Registration number: 11947544)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,237,853

2,818,212

Current assets

 

Stocks

6

129,172

121,094

Debtors

7

311,833

192,271

Cash at bank and in hand

 

266,697

164,499

 

707,702

477,864

Creditors: Amounts falling due within one year

8

(6,850,464)

(5,431,106)

Net current liabilities

 

(6,142,762)

(4,953,242)

Total assets less current liabilities

 

(3,904,909)

(2,135,030)

Creditors: Amounts falling due after more than one year

8

(1,722,551)

(2,481,900)

Net liabilities

 

(5,627,460)

(4,616,930)

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

(5,627,470)

(4,616,940)

Shareholders' deficit

 

(5,627,460)

(4,616,930)

For the financial year ending 31 December 2023 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.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr Sebastien Pacault
Director

 

French Quarter Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

-

(4,616,941)

(4,616,941)

Loss for the year

-

(1,010,529)

(1,010,529)

New share capital subscribed

10

-

10

At 31 December 2023

10

(5,627,470)

(5,627,460)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

10

(3,497,031)

(3,497,021)

Loss for the year

-

(1,119,909)

(1,119,909)

At 31 December 2022

10

(4,616,940)

(4,616,930)

 

French Quarter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Third Floor
20 Old Bailey
London
EC4M 7AN

These financial statements were authorised for issue by the Board on 18 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 presentation currency of these financial statements is Pound Sterling (£).

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.

 

French Quarter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

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.

 

French Quarter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 income statement 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 79 (2022 - 91).

 

French Quarter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

591,261

588,950

5

Tangible assets

Short leasehold land and buildings
£

Properties under construction
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

499,243

2,525,050

1,116,173

4,140,466

Additions

-

-

10,901

10,901

At 31 December 2023

499,243

2,525,050

1,127,074

4,151,367

Depreciation

At 1 January 2023

116,490

576,646

629,117

1,322,253

Charge for the year

49,924

252,505

288,832

591,261

At 31 December 2023

166,414

829,151

917,949

1,913,514

Carrying amount

At 31 December 2023

332,829

1,695,899

209,125

2,237,853

At 31 December 2022

382,753

1,948,404

487,055

2,818,212

Included within the net book value of land and buildings above is £332,829 (2022 - £382,753) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

129,172

121,094

7

Debtors

 

French Quarter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Current

2023
£

2022
£

Trade debtors

181,795

53,227

Prepayments

125,247

135,504

Other debtors

4,791

3,540

 

311,833

192,271

 

French Quarter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

338,963

440,428

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

5,529,039

4,333,832

Taxation and social security

 

266,090

238,873

Accruals and deferred income

 

417,870

340,971

Other creditors

 

298,502

77,002

 

6,850,464

5,431,106

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,722,551

2,481,900

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,722,551

2,481,900

11

Related party transactions

 

French Quarter Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

200,000