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Registration number: 06904377

GWG Restaurants Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

GWG Restaurants Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

GWG Restaurants Limited

Company Information

Director

Mr G W Greenhalgh

Registered office

46 Botanic Road
Southport
Merseyside
PR9 7NE

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

GWG Restaurants Limited

(Registration number: 06904377)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,532

6,146

Tangible assets

5

10,037

7,898

 

15,569

14,044

Current assets

 

Stocks

6

16,000

16,250

Debtors

7

9,359

12,558

Cash at bank and in hand

 

900

900

 

26,259

29,708

Creditors: Amounts falling due within one year

8

(97,359)

(85,858)

Net current liabilities

 

(71,100)

(56,150)

Total assets less current liabilities

 

(55,531)

(42,106)

Creditors: Amounts falling due after more than one year

8

(12,500)

(20,833)

Net liabilities

 

(68,031)

(62,939)

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

(68,131)

(63,039)

Shareholders' deficit

 

(68,031)

(62,939)

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 May 2025
 

.........................................
Mr G W Greenhalgh
Director

 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
46 Botanic Road
Southport
Merseyside
PR9 7NE

The principal place of business is:
46 Botanic Road
Southport
Merseyside
PR9 7NE

These financial statements were authorised for issue by the director on 23 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Asset class

Depreciation method and rate

Equipment

20% straight line basis

Furniture and fittings

20% straight line basis

Office equipment

33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

12,293

12,293

At 30 November 2024

12,293

12,293

Amortisation

At 1 December 2023

6,147

6,147

Amortisation charge

614

614

At 30 November 2024

6,761

6,761

Carrying amount

At 30 November 2024

5,532

5,532

At 30 November 2023

6,146

6,146

 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 December 2023

42,232

4,870

11,834

19,152

78,088

Additions

2,195

233

-

3,476

5,904

At 30 November 2024

44,427

5,103

11,834

22,628

83,992

Depreciation

At 1 December 2023

39,492

4,636

11,834

14,229

70,191

Charge for the year

1,267

240

-

2,257

3,764

At 30 November 2024

40,759

4,876

11,834

16,486

73,955

Carrying amount

At 30 November 2024

3,668

227

-

6,142

10,037

At 30 November 2023

2,741

234

-

4,923

7,898

 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Stocks

2024
£

2023
£

Other inventories

16,000

16,250

7

Debtors

Current

2024
£

2023
£

Prepayments

3,141

3,142

Other debtors

6,218

9,416

 

9,359

12,558

 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

52,003

39,642

Trade creditors

 

10,744

15,684

Taxation and social security

 

21,461

17,288

Accruals and deferred income

 

788

718

Other creditors

 

12,363

12,526

 

97,359

85,858

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,500

20,833

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,500

20,833

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,334

9,759

Bank overdrafts

7,280

1,681

Other borrowings

36,389

28,202

52,003

39,642

 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

GWG Restaurants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

31,730

30,000