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REGISTERED NUMBER: 03148178 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Promenade Restaurants Limited

Promenade Restaurants Limited (Registered number: 03148178)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Promenade Restaurants Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: P Hynd
D P Hynd
B Meharg





SECRETARY: D P Hynd





REGISTERED OFFICE: 2nd Floor
2 Queen Square
Liverpool
Merseyside
L1 1RH





REGISTERED NUMBER: 03148178 (England and Wales)





ACCOUNTANTS: Myersons
Chartered Accountants
32 Derby Street
Ormskirk
Lancashire
L39 2BY

Promenade Restaurants Limited (Registered number: 03148178)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 7,000,000 8,500,000

CURRENT ASSETS
Debtors 5 2,242,426 1,947,296
Cash at bank 458,669 391,376
2,701,095 2,338,672
CREDITORS
Amounts falling due within one year 6 903,340 897,832
NET CURRENT ASSETS 1,797,755 1,440,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,797,755

9,940,840

PROVISIONS FOR LIABILITIES 363,180 746,797
NET ASSETS 8,434,575 9,194,043

CAPITAL AND RESERVES
Called up share capital 7 96 96
Fair value reserve 8 1,089,541 2,240,392
Retained earnings 8 7,344,938 6,953,555
SHAREHOLDERS' FUNDS 8,434,575 9,194,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Promenade Restaurants Limited (Registered number: 03148178)

Balance Sheet - continued
31 December 2024


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 Board of Directors and authorised for issue on 2 May 2025 and were signed on its behalf by:





B Meharg - Director


Promenade Restaurants Limited (Registered number: 03148178)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Promenade Restaurants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income relating to rent reviews are recognised only when agreed.

Tangible fixed assets
Leasehold properties have been accounted for as Investment Properties in accordance with FRS 102 (Section 1A) and therefore depreciation has not been provided.

Fair value adjustments to the property valuation go through profit & loss and are shown separately in the non-distributable fair value reserve.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Deferred tax on unrealised fair value adjustments to Investment Property is transferred from the retained earnings reserve to the non-distributable fair value reserve.

3. EMPLOYEES AND DIRECTORS

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

Promenade Restaurants Limited (Registered number: 03148178)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold fittings Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 8,500,000 134,940 8,634,940
Additions 34,468 - 34,468
Disposals - (97,882 ) (97,882 )
Revaluations (1,534,468 ) - (1,534,468 )
At 31 December 2024 7,000,000 37,058 7,037,058
DEPRECIATION
At 1 January 2024 - 134,940 134,940
Eliminated on disposal - (97,882 ) (97,882 )
At 31 December 2024 - 37,058 37,058
NET BOOK VALUE
At 31 December 2024 7,000,000 - 7,000,000
At 31 December 2023 8,500,000 - 8,500,000

Cost or valuation at 31 December 2024 is represented by:

Fixtures
Long and
leasehold fittings Totals
£    £    £   
Valuation in 2017 5,737,189 - 5,737,189
Valuation in 2020 (1,680,000 ) - (1,680,000 )
Valuation in 2021 560,000 - 560,000
Valuation in 2023 (1,630,000 ) - (1,630,000 )
Valuation in 2024 (1,534,468 ) - (1,534,468 )
Cost 5,547,279 37,058 5,584,337
7,000,000 37,058 7,037,058

If leasehold property had not been revalued it would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 5,547,279 5,512,811

Leasehold property was valued on a fair value basis by chartered surveyors, Hitchcock Wright & Partners on 30 June 2024.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 18,493 48,407
Other debtors 2,223,933 1,898,889
2,242,426 1,947,296

Promenade Restaurants Limited (Registered number: 03148178)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 24,402 44,905
Taxation and social security 62,106 122,001
Other creditors 816,832 730,926
903,340 897,832

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
NIL X Ordinary £1 - 6
NIL Y Ordinary £1 - 6
12 A1 Ordinary £1 12 12
12 A2 Ordinary £1 12 12
12 B1 Ordinary £1 12 12
12 B2 Ordinary £1 12 12
12 C1 Ordinary £1 12 12
12 C2 Ordinary £1 12 12
12 C3 Ordinary £1 12 12
3 A3 Ordinary £1 3 -
3 B3 Ordinary £1 3 -
3 C4 Ordinary £1 3 -
3 D1 Ordinary £1 3 -
96 96

During the year, X & Y shares were re-designated as either A3, B3, C4 or D1 shares.

Except as expressly provided otherwise in the Articles of Association, the share capital shall rank pari passu in all respects.

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2024 6,953,555 2,240,392 9,193,947
Deficit for the year (759,468 ) (759,468 )
Transfer fair value movements 1,534,468 (1,534,468 ) -
Transfer deferred tax (383,617 ) 383,617 -
At 31 December 2024 7,344,938 1,089,541 8,434,479

9. RELATED PARTY DISCLOSURES

Included in other debtors is £2,100,000 (2023: £1,780,000) owed from associated companies at the balance sheet date.

Included in other creditors is £209,639 (2023: £200,000) owed to associated companies at the balance sheet date.