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COMPANY REGISTRATION NUMBER: 08473461
Fashion Cafe Bar Ltd
Filleted Unaudited Financial Statements
31 May 2024
Fashion Cafe Bar Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
18,600
38,890
Tangible assets
5
301,162
289,741
---------
---------
319,762
328,631
Current assets
Stocks
9,500
7,790
Debtors
6
3,026
33,218
Cash at bank and in hand
12,631
20,719
--------
--------
25,157
61,727
Creditors: amounts falling due within one year
7
33,088
47,910
--------
--------
Net current (liabilities)/assets
( 7,931)
13,817
---------
---------
Total assets less current liabilities
311,831
342,448
Creditors: amounts falling due after more than one year
8
160,731
164,580
---------
---------
Net assets
151,100
177,868
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
151,000
177,768
---------
---------
Shareholders funds
151,100
177,868
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 .
Fashion Cafe Bar Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr A Adem
Director
Company registration number: 08473461
Fashion Cafe Bar Ltd
Accounting Policies
Year ended 31 May 2024
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Fashion Cafe Bar Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 1, Grange Way Business Park, Grange Way, Colchester, Essex, CO2 8HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
4. Intangible assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
93,000
54,953
147,953
--------
--------
---------
Amortisation
At 1 June 2023
65,100
43,963
109,063
Charge for the year
9,300
10,990
20,290
--------
--------
---------
At 31 May 2024
74,400
54,953
129,353
--------
--------
---------
Carrying amount
At 31 May 2024
18,600
18,600
--------
--------
---------
At 31 May 2023
27,900
10,990
38,890
--------
--------
---------
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
286,975
8,624
8,603
26,832
331,034
Additions
17,733
17,733
---------
--------
-------
--------
---------
At 31 May 2024
286,975
26,357
8,603
26,832
348,767
---------
--------
-------
--------
---------
Depreciation
At 1 June 2023
8,198
8,603
24,492
41,293
Charge for the year
3,972
2,340
6,312
---------
--------
-------
--------
---------
At 31 May 2024
12,170
8,603
26,832
47,605
---------
--------
-------
--------
---------
Carrying amount
At 31 May 2024
286,975
14,187
301,162
---------
--------
-------
--------
---------
At 31 May 2023
286,975
426
2,340
289,741
---------
--------
-------
--------
---------
6. Debtors
2024
2023
£
£
Other debtors
3,026
33,218
-------
--------
Other debtors-Prepayments
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,972
27,104
Corporation tax
12,420
Social security and other taxes
4,277
7,342
Other creditors
839
1,044
--------
--------
33,088
47,910
--------
--------
Other creditors-Accruals & Employer Pensions contributions
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
132,747
147,378
Other creditors
27,984
17,202
---------
---------
160,731
164,580
---------
---------
Other creditors-Brewery Loans,Directors Loans
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr A Adem
( 22,773)
26,587
--------
--------
10. Related party transactions
The company was under the control of the directors Mr A & Mrs T Adem throughout the current year.The directors consider the the company has no ultimate controlling party. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
11. Bank loans & overdrafts
Any Bank loans are secured against the company's freehold assets and any bank overdraft are secured by the directors personal guarantees.