Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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568,439 | 568,604 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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12,386 | 32,783 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 6,882 | 23,617 | ||
Total assets less current liabilities | 575,321 | 592,221 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | 10 |
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Total shareholders' funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Teddy Bear (Restaurants) Limited (registered number:
Mr N V Smith
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Teddy Bear (Restaurants) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Plant and machinery |
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Fixtures and fittings |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Investment properties are carried at fair value, which requires estimation as to the current market value of the properties. The carrying amount is £565,000 (2023 - £565,000).
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated depreciation | |||||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||||
At 31 May 2024 |
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At 31 May 2023 |
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Investment property | |
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Valuation | |
As at 01 June 2023 |
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As at 31 May 2024 |
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Valuation
The investment properties owned by the company were revalued by the director, Mr N V Smith, on 31 May 2024 on an open market basis. There has been no valuation of investment property by an independent valuer.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 131,619 | 131,619 |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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2,000 | 2,000 |
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Directors Loan Account | 5,237 | 2,301 |
Advances
2024 | 2023 | ||
£ | £ | ||
Non-distributable reserves | 354,735 | 354,735 | |
Distributable reserves | 164,356 | 156,840 | |
519,091 | 511,575 |
The non-distributable reserves relate to the revaluation surplus on the investment properties.