Company registration number 09295530 (England and Wales)
LIBERTY CHEESESTEAK COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LIBERTY CHEESESTEAK COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIBERTY CHEESESTEAK COMPANY LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
291,237
379,522
Cash at bank and in hand
1,997
7,745
293,234
387,267
Creditors: amounts falling due within one year
4
(211,355)
(251,714)
Net current assets
81,879
135,553
Creditors: amounts falling due after more than one year
5
(41,250)
(86,250)
Net assets
40,629
49,303
Capital and reserves
Called up share capital
7
129
129
Share premium account
650,881
650,881
Profit and loss reserves
(610,381)
(601,707)
Total equity
40,629
49,303
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 August 2025
Mr J P Teti
Director
Company Registration No. 09295530
LIBERTY CHEESESTEAK COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information
Liberty Cheesesteak Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Main Course Associates, 9th Floor, One Canada Square, London, United Kingdom, E14 5AA.
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
As at 30 November 2024 the company had net current assets of £81,879 (2023: £135,553) and total net assets of £40,629 (2023: £49,303). The director confirms that related group undertakings will continue to support the company for the foreseeable future. The company has suspended trade whilst the company sources new premises. The director confirms that the company is still considered to be a going concern.true
1.3
Turnover
Turnover, excluding value added tax, represents net sales of food, drink and rental income from entertainment zones. Turnover from food and drink is recognised on a point of sales basis and rental income is recognised at the point the service is provided.
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 and cash equivalents
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.
LIBERTY CHEESESTEAK COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
LIBERTY CHEESESTEAK COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
15
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
287,920
379,252
Other debtors
3,317
270
291,237
379,522
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
47,379
45,000
Trade creditors
9,966
33,443
Amounts owed to group undertakings
62,443
8,951
Taxation and social security
14,151
79,252
Other creditors
77,416
85,068
211,355
251,714
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,250
86,250
LIBERTY CHEESESTEAK COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
6
Loans and overdrafts
2024
2023
£
£
Bank loans
86,250
131,250
Bank overdrafts
2,379
88,629
131,250
Payable within one year
47,379
45,000
Payable after one year
41,250
86,250
The bank loan is secured by a fixed and floating charge over all assets in favour of Santander UK Plc.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
12,864
12,864
129
129
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
£
£
323,750
9
Related party transactions
The company has taken advantage of exemptions, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group companies.
At the balance sheet date the company owed the director £68,350 (2023 - £48,615). This balance is included within other creditors, is accruing interest at a rate of 5% and is repayable on demand.
10
Parent company
The immediate and ultimate parent company is Liberty Cheesesteak Holdings Limited, a company incorporated in England and Wales. Its registered office is Main Course Associates, 9th Floor, One Canada Square, London, United Kingdom, E14 5AA.