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REGISTERED NUMBER: 06938991 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

THE CENTENARY LOUNGE LTD

THE CENTENARY LOUNGE LTD (REGISTERED NUMBER: 06938991)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


THE CENTENARY LOUNGE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mrs A S Baig





REGISTERED OFFICE: Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA





REGISTERED NUMBER: 06938991 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

THE CENTENARY LOUNGE LTD (REGISTERED NUMBER: 06938991)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 166,421 45,783

CURRENT ASSETS
Stocks 26,250 21,000
Debtors 6 476,092 472,546
Prepayments and accrued income 14,382 8,965
Cash at bank and in hand 29,202 49,164
545,926 551,675
CREDITORS
Amounts falling due within one year 7 (376,260 ) (407,430 )
NET CURRENT ASSETS 169,666 144,245
TOTAL ASSETS LESS CURRENT
LIABILITIES

336,087

190,028

CREDITORS
Amounts falling due after more than one
year

8

(262,020

)

(109,684

)

ACCRUALS AND DEFERRED INCOME (2,952 ) (3,001 )
NET ASSETS 71,115 77,343

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 71,114 77,342
SHAREHOLDERS' FUNDS 71,115 77,343

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

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

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 March 2025 and were signed by:





Mrs A S Baig - Director


THE CENTENARY LOUNGE LTD (REGISTERED NUMBER: 06938991)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

The Centenary Lounge Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06938991 and the registered office address is Newport House, Newport Road, Stafford, Staffordshire, ST16 1DA.The trading address is 31 The Cross, Worcester, Worcestershire, WR1 3PZ

The principal activity of the company is that of a restaurant/cafe.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are prepared in sterling. The functional currency of the company is sterling.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

Income recognition
Turnover represents the sale of products net of VAT. Turnover is recognised at the point of sale to the customer.

Where payments are received in advance the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - Equally over 10 years
Plant and machinery - Equally over 10 years
Fixtures and fittings - Equally over 10 years
Computer equipment - Equally over 10 years

Depreciation policy has changed within the current financial statements, with all assets now being depreciated over 10 years, via straight line method. Previous depreciation methods used:
Improvements to property - straight line over 10 years
Plant & machinery - 25% on reducing balance
Fixtures & fittings - 25% on reducing balance
Computer equipment - 33% on cost

Current years figures have also been amended to adjust for previous years overstatements, with depreciation being decreased by £449.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a FIFO basis.

THE CENTENARY LOUNGE LTD (REGISTERED NUMBER: 06938991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

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.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

THE CENTENARY LOUNGE LTD (REGISTERED NUMBER: 06938991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Impairment of non financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 29 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 94,201 55,926 55,047 2,152 207,326
Additions - - 131,055 - 131,055
At 30 June 2024 94,201 55,926 186,102 2,152 338,381
DEPRECIATION
At 1 July 2023 94,201 52,696 12,732 1,914 161,543
Charge for year - 1,843 8,574 - 10,417
At 30 June 2024 94,201 54,539 21,306 1,914 171,960
NET BOOK VALUE
At 30 June 2024 - 1,387 164,796 238 166,421
At 30 June 2023 - 3,230 42,315 238 45,783

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,301 -
Amounts owed by group undertakings 472,191 472,546
Other debtors 600 -
476,092 472,546

THE CENTENARY LOUNGE LTD (REGISTERED NUMBER: 06938991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 103,327 111,131
Trade creditors 82,860 44,214
Taxation and social security 125,274 84,412
Other creditors 64,799 167,673
376,260 407,430

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 262,020 109,684

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,105 15,746

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 365,347 236,561

There exists a fixed and floating charge over the assets of the company. The charge also contains a negative pledge.

All loans are also secured by personal guarantees from the director.

10. OTHER FINANCIAL COMMITMENTS

The company has total future leasing commitments of £315,000, of which £87,500 is due within 12 months (2023 £312,550 of which £87,500 is due within 12 months).