Company registration number SC677902 (Scotland)
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M L Gizzi
Mr A G F Conetta
Company number
SC677902
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
2nd floor
87 St Vincent Street
Glasgow
Scotland
G2 5TF
Solicitor
Burness Paull LLP
31 York Street
Glasgow
Scotland
G2 8AS
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
BALANCE SHEET
AS AT
28 APRIL 2024
28 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
893,714
1,047,633
Current assets
Stocks
23,439
25,449
Debtors
5
92,804
98,062
Cash at bank and in hand
282,594
126,588
398,837
250,099
Creditors: amounts falling due within one year
6
(1,073,150)
(1,007,693)
Net current liabilities
(674,313)
(757,594)
Total assets less current liabilities
219,401
290,039
Provisions for liabilities
7
(160,000)
(187,288)
Net assets
59,401
102,751
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
59,301
102,651
Total equity
59,401
102,751
The notes on pages 4 to 10 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr M L Gizzi
Mr A G F Conetta
Director
Director
Company Registration No. SC677902
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 2 May 2022
100
37,728
37,828
Period ended 30 April 2023:
Profit and total comprehensive income for the period
-
294,923
294,923
Dividends
-
(230,000)
(230,000)
Balance at 30 April 2023
100
102,651
102,751
Period ended 28 April 2024:
Loss and total comprehensive income for the period
-
(43,350)
(43,350)
Balance at 28 April 2024
100
59,301
59,401
The notes on pages 4 to 10 form part of these financial statements.
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 4 -
1
Accounting policies
Company information
Cafe Andaluz Restaurants (Newcastle) Limited is a private company limited by shares incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB. The principal place of business is 2nd floor, 87 St Vincent Street, Glasgow, Scotland, G2 5TF. The company's registration number is SC677902.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The company prepares these financial statements for a 52 week period to 28 April 2024. The comparative figures are for a 52 week period to 30 April 2023.
1.4
Turnover
The turnover shown in the Statement of Comprehensive Income represents the value of all goods sold during the period at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
15% reducing balance
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stock consists of food and beverage and is valued on a first-in, first-out basis.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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 receipts 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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 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 method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
6,850
2,400
Depreciation of owned tangible fixed assets
153,919
181,116
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Total
53
61
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023 and 28 April 2024
379,620
945,621
1,325,241
Depreciation and impairment
At 1 May 2023
81,138
196,470
277,608
Depreciation charged in the period
44,767
109,152
153,919
At 28 April 2024
125,905
305,622
431,527
Carrying amount
At 28 April 2024
253,715
639,999
893,714
At 30 April 2023
298,482
749,151
1,047,633
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
92,804
98,062
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
75,761
67,457
Amounts owed to group undertakings
779,900
634,900
Taxation and social security
160,372
223,561
Other creditors
57,117
81,775
1,073,150
1,007,693
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 8 -
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
160,000
187,288
8
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
160,000
187,288
2024
Movements in the period:
£
Liability at 1 May 2023
187,288
Credit to profit or loss
(27,288)
Liability at 28 April 2024
160,000
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1
100
100
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Brian Thomson BA(Hons) CA
Statutory Auditor:
Consilium Audit Limited
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 9 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,410,000
1,527,500
CAFE ANDALUZ RESTAURANTS (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 10 -
12
Related party transactions
The company has taken advantage of the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with other wholly owned group companies as the Company is included in the consolidated financial statements of Di Maggio's Group Limited.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
13
Ultimate controlling party
The company was under the control of the holders of the ordinary share capital in the ultimate parent company, Di Maggio's Group Limited, throughout the current period. No individual shareholder has a controlling interest.
The company is included by full consolidation in the consolidated financial statements of its ultimate parent, Di Maggio's Group Limited, registered in Scotland, at the same address as the company.
Copies of the consolidated financial statements are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
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