Registered number
SC769715
Lyla Restaurants Ltd
Filleted Accounts
31 May 2024
Lyla Restaurants Ltd
Registered number: SC769715
Balance Sheet
as at 31 May 2024
Notes 2024
£
Fixed assets
Tangible assets 3 239,012
Current assets
Stocks 20,232
Debtors 4 14,471
Cash at bank and in hand 9,765
44,468
Creditors: amounts falling due within one year 5 (532,292)
Net current liabilities (487,824)
Net liabilities (248,812)
Capital and reserves
Called up share capital 100
Profit and loss account (248,912)
Shareholder's funds (248,812)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stuart Ralston
Director
Approved by the board on 6 February 2025
Lyla Restaurants Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going Concern
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% Straight Line Method
Fixture & Fittings 25% Straight Line Method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024
Number
Average number of persons employed by the company 11
3 Tangible fixed assets
Fixtures & Fittings Equipment Total
£ £ £
Cost
Additions 221,751 93,308 315,059
Disposals - (23,829) (23,829)
At 31 May 2024 221,751 69,479 291,230
Depreciation
Charge for the year 37,757 14,461 52,218
At 31 May 2024 37,757 14,461 52,218
Net book value
At 31 May 2024 183,994 55,018 239,012
4 Debtors 2024
£
Trade debtors 368
Directors loan account 2,146
Other debtors 11,957
14,471
5 Creditors: amounts falling due within one year 2024
£
Trade creditors 59,236
Due to group undertakings 185,026
Taxation and social security costs 31,046
Other creditors 256,984
532,292
6 Other information
Lyla Restaurants Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Melbarry Accountants 30/5
Hardengreen Industrial Estate
Dalkeith
Scotland
EH22 3NX
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