Company registration number 11158556 (England and Wales)
COUNTER RESTAURANTS LOWER JAMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
COUNTER RESTAURANTS LOWER JAMES LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
COUNTER RESTAURANTS LOWER JAMES LTD
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
777,060
833,137
Current assets
Stocks
13,700
15,812
Debtors
4
545,837
79,455
Cash at bank and in hand
336,100
306,696
895,637
401,963
Creditors: amounts falling due within one year
5
(1,945,053)
(1,789,460)
Net current liabilities
(1,049,416)
(1,387,497)
Net liabilities
(272,356)
(554,360)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(272,357)
(554,361)
Total equity
(272,356)
(554,360)
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
Mr W J Ellner
Director
Company registration number 11158556 (England and Wales)
COUNTER RESTAURANTS LOWER JAMES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2023
1
(692,273)
(692,272)
Year ended 31 January 2024:
Profit for the year
-
137,912
137,912
Balance at 31 January 2024
1
(554,361)
(554,360)
Year ended 31 January 2025:
Profit for the year
-
282,004
282,004
Balance at 31 January 2025
1
(272,357)
(272,356)
COUNTER RESTAURANTS LOWER JAMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
Counter Restaurants Lower James Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 39 William IV Street, London, WC2N 4DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold property
Straight-line over the life of the lease
Plant and machinery
Straight-line over 10 years
Fixtures and fittings
Straight-line over 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
COUNTER RESTAURANTS LOWER JAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loan and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
COUNTER RESTAURANTS LOWER JAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
47
47
3
Tangible fixed assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 February 2024
907,540
27,313
214,184
1,149,037
Additions
29,782
29,782
At 31 January 2025
907,540
27,313
243,966
1,178,819
Depreciation and impairment
At 1 February 2024
210,763
14,290
90,847
315,900
Depreciation charged in the year
53,385
9,104
23,370
85,859
At 31 January 2025
264,148
23,394
114,217
401,759
Carrying amount
At 31 January 2025
643,392
3,919
129,749
777,060
At 31 January 2024
696,777
13,023
123,337
833,137
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
439,740
Other debtors
106,097
79,455
545,837
79,455
COUNTER RESTAURANTS LOWER JAMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
268,274
299,342
Amounts owed to group undertakings
1,097,621
985,040
Taxation and social security
147,760
98,412
Other creditors
431,398
406,666
1,945,053
1,789,460
6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Total commitments
3,582,750
3,888,750
The lease includes rent reviews every five years from 17 May 2019. As the rent for the review period commencing 17 May 2024 had not been contractually determined as at the reporting date, the above amounts reflect the current minimum lease payments of £306,000 per annum, in accordance with FRS 102.
8
Related party transactions
At the balance sheet date, £131,913 owed by Counter Restaurants William IV Ltd, a connected company by virtue of common control and ownership.
At the balance sheet date, £85,267 owed by Counter Restaurants Borough Yards Ltd , a connected company by virtue of common control and ownership.
At the balance sheet date, £222,560 owed by Counter Restaurants Wrights Lane Ltd , a connected company by virtue of common control and ownership.
At the balance sheet date, £1,097,621 owed to Counter Restaurants Limited, a parent company.