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REGISTERED NUMBER: 04019978 (England and Wales)










Financial Statements

for the Year Ended 31 August 2024

for

King Neptune Restaurant Limited

King Neptune Restaurant Limited (Registered number: 04019978)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


King Neptune Restaurant Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr H M Wong
Ms S N Wu





SECRETARY: Mr H M Wong





REGISTERED OFFICE: 34-36 Stowell Street
Newcastle Upon Tyne
Tyne and Wear
NE1 4XQ





REGISTERED NUMBER: 04019978 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
52-56 Coatsworth Road
Gateshead
NE8 1QN

King Neptune Restaurant Limited (Registered number: 04019978)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 9,818 19,628
Tangible assets 5 16,300 18,924
26,118 38,552

CURRENT ASSETS
Stocks 5,975 6,750
Cash at bank and in hand 150,841 190,179
156,816 196,929
CREDITORS
Amounts falling due within one year 6 (77,981 ) (139,618 )
NET CURRENT ASSETS 78,835 57,311
TOTAL ASSETS LESS CURRENT
LIABILITIES

104,953

95,863

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 7 104,853 95,763
104,953 95,863

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 13 May 2025 and were signed on its behalf by:



Mr H M Wong - Director


King Neptune Restaurant Limited (Registered number: 04019978)

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

1. STATUTORY INFORMATION

King Neptune Restaurant 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.

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

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

King Neptune Restaurant Limited (Registered number: 04019978)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 196,208
AMORTISATION
At 1 September 2023 176,580
Amortisation for year 9,810
At 31 August 2024 186,390
NET BOOK VALUE
At 31 August 2024 9,818
At 31 August 2023 19,628

5. TANGIBLE FIXED ASSETS
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 September 2023 17,998 61,192 79,190
Additions - 446 446
At 31 August 2024 17,998 61,638 79,636
DEPRECIATION
At 1 September 2023 13,352 46,914 60,266
Charge for year 900 2,170 3,070
At 31 August 2024 14,252 49,084 63,336
NET BOOK VALUE
At 31 August 2024 3,746 12,554 16,300
At 31 August 2023 4,646 14,278 18,924

King Neptune Restaurant Limited (Registered number: 04019978)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,078 1,848
Corporation tax 40,479 84,195
Social security and other tax (2,223 ) (1,813 )
Pension payable 242 170
VAT payable 27,064 24,904
Directors' current accounts 3,341 30,314
77,981 139,618

7. RESERVES
Retained
earnings
£   

At 1 September 2023 95,763
Profit for the year 113,990
Dividends (104,900 )
At 31 August 2024 104,853