REGISTERED NUMBER: 08674783 (England and Wales)

Financial Statements for the Year Ended 30 September 2024

for

Tavernaki Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr T N Christodoulou

REGISTERED OFFICE:

Little Croft

134a Wood Street

High Barnet

Hertfordshire

EN5 5DA

REGISTERED NUMBER:

08674783 (England and Wales)

ACCOUNTANTS:

CAS MCGEE LTD

Chartered Certified Accountants

130A Darkes Lane

Potters Bar

Hertfordshire

EN6 1AF

FIXED ASSETS

Tangible assets

4

14,511

20,129

CURRENT ASSETS

Stocks

5

12,980

9,979

Debtors

6

6,750

21,387

Cash at bank and in hand

33,439

37,824

53,169

69,190

CREDITORS

Amounts falling due within one year

7

206,002

62,543

NET CURRENT (LIABILITIES)/ASSETS

(152,833

)

6,647

TOTAL ASSETS LESS CURRENT LIABILITIES

(138,322

)

26,776

CREDITORS

Amounts falling due after more than one year

8

(14,722

)

(29,554

)

PROVISIONS FOR LIABILITIES

10

(994

)

(2,061

)

NET LIABILITIES

(154,038

)

(4,839

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

(154,138

)

(4,939

)

SHAREHOLDERS' FUNDS

(154,038

)

(4,839

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

Mr T N Christodoulou - Director

1.	STATUTORY INFORMATION

Tavernaki Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

in accordance with the lease terms

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

After making relevant enquiries, the director of the company has reasonable expectations that the company has adequate resources and will continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern and historical cost convention basis in preparing the financial statements.

The director has no plans to discontinue supporting the company and the facility of lending money to the company is unlikely to be withdrawn.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2023

and 30 September 2024

31,318

75,311

50,350

1,522

158,501

DEPRECIATION

At 1 October 2023

31,318

65,644

40,349

1,061

138,372

Charge for year

-

2,503

3,000

115

5,618

At 30 September 2024

31,318

68,147

43,349

1,176

143,990

NET BOOK VALUE

At 30 September 2024

-

7,164

7,001

346

14,511

At 30 September 2023

-

9,667

10,001

461

20,129

5.

STOCKS

30.9.24

30.9.23

£

£

Stocks

12,980

9,979

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Tax

-

14,637

Prepayments

6,750

6,750

6,750

21,387

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans and overdrafts (see note 9)

90,974

-

Trade creditors

65,753

14,611

Tax

-

14,637

Social security and other taxes

5,887

2,190

Pensions

236

-

VAT

36,912

27,251

Other creditors

-

292

Directors' current accounts

301

82

Accrued expenses

5,939

3,480

206,002

62,543

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans (see note 9)

14,722

29,554

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

14,722

29,554

9.

LOANS

An analysis of the maturity of loans is given below:

30.9.24

30.9.23

£

£

Amounts falling due within one year or on demand:

Bank loans

90,974

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

14,722

29,554

10.	PROVISIONS FOR LIABILITIES

30.9.24

30.9.23

£

£

Deferred tax

Accelerated capital allowances

994

2,061

Deferred

tax

£

Balance at 1 October 2023

2,061

Provided during year

(1,067

)

Balance at 30 September 2024

994

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 October 2023

(4,939

)

Deficit for the year

(149,199

)

At 30 September 2024

(154,138

)

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24

30.9.23

£

£

Mr T N Christodoulou

Balance outstanding at start of year

(82

)

(509

)

Amounts advanced

(219

)

-

Amounts repaid

-

427

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(301

)

(82

)

At the year end, the company owed the director the amount of £301 (2023: £82). This amount was lent to the company by the director interest free and without any other repayment terms attached to it This loan it is not repayable on demand and the director will not be requesting full repayment of the loan in the next 12 months period.

14.	EVENTS AFTER THE REPORTING PERIOD

There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note.

The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Tavernaki Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr T N Christodoulou.

16.	GOING CONCERN CONSIDERATION

The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected:

- Breach of trade contracts

- Revenue

- Cost of sales

- Expenditure

- Inventories fair value measurements

- Debt repayment

17.	IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing. Value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

18.	CLIMATE CHANGES AND ENVIRONMENTAL RISKS AND RESPONSIBILITIES

Due to the nature of the entity's operational activities there's no exposure to significant environmental risks.

Despite the fact that our organisation offers restaurant services, we are always considering the environmental sustainability. Future business performance will be impacted by our ability to effectively manage the transition to a low carbon economy balancing commercial decisions with the environmental responsibility, agreeing business-wide decarbonisation priorities, and managing changes in customer preferences.

This includes management of the increasing costs associated with sustainable materials, recycling carbon pricing and further technological, policy and regulatory interventions.

We are operating in a world and a sector with high pressure from carbon-conscious customers, government bodies and regulators to operate in a more environmentally conscious manner. To respond to the circular economy, waste reduction and low carbon products and use of a recycled parts and related components.