Registration number:
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LMA Restaurant Ltd
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Brebners
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LMA Restaurant Ltd
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
LMA Restaurant Ltd
Company Information
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Director |
S Allemann |
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Registered office |
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Auditor |
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LMA Restaurant Ltd
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
100 |
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Retained earnings |
(2,419,781) |
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Shareholders' deficit |
(2,419,681) |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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S Allemann
Director
Company registration number: 15095759
LMA Restaurant Ltd
Notes to the Financial Statements for the Period from 25 August 2023 to 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
The Carlton Tower Jumeirah
2 Cadogan Place
London
SW1X 9PY
The principal activity of the company is that of the operation of a bar and restaurant.
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Audit Report |
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Accounting policies |
Statement of compliance
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' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Disclosure of long or short period
LMA Restaurant Ltd
Notes to the Financial Statements for the Period from 25 August 2023 to 31 December 2024
Going concern
The company made a loss in its first period of trade ended 31 December 2024 and had a deficiency of net assets at that date of £2,419,681.
The company operates La Maison Ani, a high end restaurant situated in Knightsbridge. Despite being the first period of trade and the company generating a gross profit, the initial start up costs of the restaurant La Maison Ani, has resulted in a significant net loss for the year. The directors believe LMA has established its reputation in the industry building a strong foundation for continued growth such that the company will generate profits in the foreseeable future.
The company primarily funds its working capital requirements through loans from group companies, which have advanced funds totalling £2,232,111 as at 31 December 2024.
No matters have been drawn to the attention of the director to suggest that this funding will not continue on acceptable terms in the future and the director believes that the company is well placed to manage its business risks successfully. The latest management accounts show the company has maintained strong gross profit margins in line with management expectations, as it continues to strengthen its position in the industry.
Management have prepared stress tested forecasts that indicate expected profitability before interest and the amortisation recharge of the restaurants fit out costs from a fellow subsidiary. These forecasts also indicate strong cash flows to support the directors assessment that the group will continue to meet it's liabilities for the foreseeable future.
On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax (VAT).
Revenue from food and beverage represents the invoiced value of food and beverage sold. This is inclusive of
service charge but net of VAT, returns and discounts and is recorded at the point in time when the control
over the goods is transferred to the customers.
Service charges are recognised based on certain percentage of the food and beverage revenue.
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
LMA Restaurant Ltd
Notes to the Financial Statements for the Period from 25 August 2023 to 31 December 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
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.
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Staff numbers |
The average number of persons employed by the company during the period, was
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Stocks |
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2024 |
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Stock |
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Debtors |
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2024 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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LMA Restaurant Ltd
Notes to the Financial Statements for the Period from 25 August 2023 to 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The company has agreed to meet any liability arising in respect of its parent's financial commitments relating to the property utilised by the company for its restaurant operations. The financial commitments of the parent undertaking and its subsidiary (being LMA Restaurant Ltd) is £8,332,108. This financial commitment is not included in the statement of financial position.
In addition to the fixed lease commitment, the company is also agreed to pay the turnover-based rent under the lease agreement, the amount of which is contingent upon future levels of turnover and therefore cannot be reliably quantified.
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Related party transactions |
During the period, the company provided discounts not at arms length to individuals with a participating interest in the company. The total cost of the discounts granted amounted to £14,974
Exemption is taken under FRS102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.
Amounts due to and from group undertakings at 31 December 2024 are aggregated as permitted by FRS102 and shown separately in debtors and creditors.
LMA Restaurant Ltd
Notes to the Financial Statements for the Period from 25 August 2023 to 31 December 2024
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Parent and ultimate parent undertaking |
The company's immediate parent is
The parent of the smallest group preparing group accounts in which the results of the company are included is Fundamental Hospitality Group Holding Limited, which is incorporated in the United Arab Emirates, whose registered office is Unit 304, Level 3, Liberty House, Dubai International Financial Centre, Dubai, United Arab Emirates.