Registered number
11395721
MADHUWAN RESTAURANT LTD
Filleted Accounts
30 March 2024
MADHUWAN RESTAURANT LTD
Registered number: 11395721
Balance Sheet
as at 30 March 2024
Notes 2024 Restated 2023
£ £
Fixed assets
Tangible assets 4 272,840 306,943
Current assets
Stocks - 450
Debtors 5 - 780
Cash at bank and in hand 2,198 2,212
2,198 3,442
Creditors: amounts falling due within one year 6 (427,733) (452,931)
Net current liabilities (425,535) (449,489)
Net liabilities (152,695) (142,546)
Capital and reserves
Called up share capital 1 1
Profit and loss account (152,696) (142,547)
Shareholder's funds (152,695) (142,546)
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 her 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.
S. AWA
Director
Approved by the board on 8 May 2025
MADHUWAN RESTAURANT LTD
Notes to the Accounts
for the period from 1 April 2023 to 30 March 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 rendering of services. 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.
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:
Property, Plant, and Equipment over the lease term
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.
Leased assets: the company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Restated Property, Plant and Equipment
£
Cost
At 1 April 2023 511,571
At 30 March 2024 511,571
Depreciation
At 1 April 2023 204,628
Charge for the period 34,103
At 30 March 2024 238,731
Net book value
At 30 March 2024 272,840
At 31 March 2023 306,943
5 Debtors 2024 2023
£ £
Other debtors - 780
6 Creditors: amounts falling due within one year 2024 Restated 2023
£ £
Trade creditors 20,000 -
Lease liability 303,471 331,643
Other creditors 104,262 121,288
427,733 452,931
6 Prior year adjustment
The comparatives as at 31.03.2023 have been restated due to the recognition of a long lease that the company had entered into. The impacts of the restatements are:
- Increase of the fixed asset for an amount of £306,941,
- Increase in the other creditor for an amount of £102,000
- Decrease in the reserve brought forward for an amount of £136,701
- Increase of the loss during the year for an amount of £6,742
7 Other information
MADHUWAN RESTAURANT LTD is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Bromley Hill
Bromley
United Kingdom
BR1 4JX
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