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 |