REGISTERED NUMBER: |
NORTH YORKSHIRE RESTAURANTS LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
REGISTERED NUMBER: |
NORTH YORKSHIRE RESTAURANTS LIMITED |
Unaudited Financial Statements for the Year Ended 31 December 2024 |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Contents of the Financial Statements |
for the year ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 9 |
NORTH YORKSHIRE RESTAURANTS LIMITED |
Company Information |
for the year ended 31 December 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
CUBO Birmingham |
4th Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
Current assets |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 10 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 11 | ( |
) |
Provisions for liabilities | 12 | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
Shareholders' funds |
The directors acknowledge their 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. |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Notes to the Financial Statements |
for the year ended 31 December 2024 |
1. | Statutory information |
North Yorkshire Restaurants Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The company is in a net current liabilities position at the balance sheet date, however this is not a reflection on the strength of the business. |
The directors have considered the application of the going concern basis of accounting in doing so they have considered the period from the date of this report until 31 December 2026. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods at its restaurants in the ordinary course of the company's activities. Turnover is shown net of discounts and Value Added Tax |
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company, and specific criteria have been met for each of the company's activities. |
Franchise rights and fees |
Franchise rights and fees are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and impairment losses. They are amortised over their useful lives, which is taken as the remaining term stated in the franchise agreements. |
Tangible fixed assets |
Restaurant equipment | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cash at bank and in hand |
Cash at bank and in hand are basic financial assets comprising of cash in hand, demand deposits with bank, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within current liabilities. |
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 balance sheet date. |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to each asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date. |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
2. | Accounting policies - continued |
Financial instruments |
The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
For financial assets measured at amortised cost, the impairment cost is measured at the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets effective interest rate. If the 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 assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and 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 balance sheet date. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Dividends |
Equity dividends are recognised when they legally become payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Judgements in applying accounting policies and key sources of estimation uncertainty |
In the process of applying the company's accounting policies, management are required to make certain estimates and judgements. The key estimates and judgements are as follows: |
Depreciation and residual values |
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate. |
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. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date. |
3. | Employees and directors |
The average number of employees during the year was |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
4. | Intangible fixed assets |
Franchise | Franchise |
rights | fees | Totals |
£ | £ | £ |
Cost |
At 1 January 2024 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
Amortisation |
At 1 January 2024 |
Amortisation for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
Net book value |
At 31 December 2024 |
At 31 December 2023 |
5. | Tangible fixed assets |
Short | Restaurant | Motor | Computer |
leasehold | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
Depreciation |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
Net book value |
At 31 December 2024 |
At 31 December 2023 |
6. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 January 2024 |
Disposals | ( |
) |
At 31 December 2024 |
Net book value |
At 31 December 2024 |
At 31 December 2023 |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
6. | Fixed asset investments - continued |
Fixed asset investments consists of Nil (2023 - 3,750) ordinary shares of £1 each in Fries Holding Company Limited, a company registered in Guernsey. The investments are included in the accounts at cost. |
7. | Investment property |
Total |
£ |
Fair value |
Additions |
At 31 December 2024 |
Net book value |
At 31 December 2024 |
Fair value at 31 December 2024 is represented by: |
£ |
Valuation in 2024 | 745,762 |
8. | Stocks |
2024 | 2023 |
£ | £ |
Food |
Paper |
Non-product | - | 4,355 |
9. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Corporation tax |
Prepayments |
10. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | - | 377,232 |
Other creditors |
Directors' loan accs less 1yr | 321,883 | 191,122 |
Accrued expenses |
11. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Directors' loan accounts | - | 2,000,000 |
NORTH YORKSHIRE RESTAURANTS LIMITED (REGISTERED NUMBER: 10460046) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
12. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | - | 226,060 |
Deferred tax |
£ |
Balance at 1 January 2024 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2024 |
13. | Related party disclosures |
As at the balance sheet date, the company owed an amount of £321,883 (2023 - £2,191,122) to its directors. This amount is repayable on demand and bears a fixed rate of interest of 5% (2023 - 5%). |
During the year, the director Mr M R Midwood charged interest to the company of £150,000 (2023 - £99,000). |
14. | Ultimate controlling party |
The ultimate controlling party is |