Company Registration No. NI626612 (Northern Ireland)
BLUE CHICAGO BURGERS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
BLUE CHICAGO BURGERS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BLUE CHICAGO BURGERS LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
102,699
Current assets
Debtors
2,769
38,873
Creditors: amounts falling due within one year
4
(59,970)
(77,693)
Net current liabilities
(57,201)
(38,820)
Total assets less current liabilities
(57,201)
63,879
Creditors: amounts falling due after more than one year
5
(358,715)
(355,482)
Net liabilities
(415,916)
(291,603)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(416,916)
(292,603)
Total equity
(415,916)
(291,603)
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification - refer to independent accountants' report
BLUE CHICAGO BURGERS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 3 -
Directors' statement in respect of the financial statements
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS102 1A- Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Olivia Hall
Kevin Meah
..............................
..............................
Olivia Hall
Kevin Meah
Director
Director
Company Registration No. NI626612
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification - refer to independent accountants' report
BLUE CHICAGO BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Blue Chicago Burgers Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is Johnston Kennedy DFK, 10 Pilots View, Heron Road, Belfast, BT3 9LE. The business address is Unit 4C Eastpoint Entertainment Village, Old Dundonald Road, Dundonald, BT16 1NT.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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:
Leasehold improvements
20% straight line
Equipment
15% reducing balance
Fixtures & fittings
15% reducing balance
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.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
BLUE CHICAGO BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BLUE CHICAGO BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 8).
3
Tangible fixed assets
Leasehold adaptions
Equipment
Fixture and Fittings
Total
£
£
£
£
Cost
At 1 October 2023
61,206
174,228
159,597
395,031
Disposals
(61,206)
(174,228)
(159,597)
(395,031)
At 30 September 2024
-
Depreciation and impairment
At 1 October 2023
57,904
117,905
116,523
292,332
Eliminated in respect of disposals
(57,904)
(234,428)
(292,332)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
At 30 September 2023
3,302
56,323
43,074
102,699
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,216
11,211
Trade creditors
53,132
62,263
Taxation and social security
452
452
Accruals and deferred income
1,170
3,767
59,970
77,693
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
358,715
355,482
BLUE CHICAGO BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
2,600
(17,300)
Tax losses available
-
52,200
2,600
34,900
2024
Movements in the year:
£
Asset at 1 October 2023
(34,900)
Charge to profit or loss
32,300
Asset at 30 September 2024
(2,600)
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Property
-
50,720
9
Control
The company is controlled by Binky's Restaurants Ltd, a company registered in Northern Ireland.
BLUE CHICAGO BURGERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
10
Related party transactions
During the year there were transactions between the company and related trading entities.
At 30 September 2024 the amount owed to related parties amounted to £358,715 (2023: £355,482). This is included within creditors due after one year. No interest is charged in this loan.
11
Going concern
At the year end there was a deficit on the balance sheet of £415,916. The company is dependent upon the continued financial support of related entities.