ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 11299116

VERMUTERIA LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


VERMUTERIA LIMITED REGISTERED NUMBER:11299116

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	4		1,837		2,389
Tangible assets	5		240,198		274,709
			242,035		277,098
Current assets
Stocks		10,992		13,550
Debtors: amounts falling due after more than one year	6	-		51,750
Debtors: amounts falling due within one year	6	56,839		73,817
Cash at bank and in hand	7	12,289		132,307
		80,120		271,424
Creditors: amounts falling due within one year	8	(227,855)		(335,696)
Net current liabilities			(147,735)		(64,272)
Total assets less current liabilities			94,300		212,826
Creditors: amounts falling due after more than one year	9		(2,500)		(12,500)

Net assets			91,800		200,326

Capital and reserves
Called up share capital	150	150
Share premium account	449,950	449,950
Profit and loss account	(358,300)	(249,774)
	91,800	200,326

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VERMUTERIA LIMITED REGISTERED NUMBER:11299116

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M W Sodeau

Director

Date: 9 June 2026

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VERMUTERIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Vermuteria Limited is a private company limited by shares incorporated in England and Wales. Its registered office address if Millhouse, 32-38 East Street, Rochford, Essex, England, SS4 1DB.

The principal activity of the company continuted to be that of restaurant services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the net current liabilities shown in the balance sheet. The directors are currently in negotiations with key creditors of the company to agree extended payment plans for the settlement of liabilities of the company. The going concern basis is subject to the successful outcome of those negotiations.

If terms can be agreed with those creditors, the directors are confident that the company will be able to meet its liabilities as they fall due for at least 12 months from the date of their approval of these financial statements.

2.3

Revenue

Revenue represents the sale of food and beverages and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, and value added tax.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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VERMUTERIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Trademarks

years

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VERMUTERIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-		15 years
Plant and machinery	-	25%	straight line
Fixtures and fittings	-	25%	and 33.33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Stocks

Stock consists of ingredients and goods purchased for resale and are stated at the lower of cost and net realisable value. Cost reflects the purchase price only.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 31 (2024 -34).

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VERMUTERIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Intangible assets

		IP & Trademarks
		£
	Cost
	At 1 April 2024	5,526
	At 31 March 2025	5,526
	Amortisation
	At 1 April 2024	3,137
	Charge for the year on owned assets	552
	At 31 March 2025	3,689
	Net book value
	At 31 March 2025	1,837
	At 31 March 2024	2,389

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VERMUTERIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	390,409	123,293	98,971	612,673
Additions	-	5,375	1,010	6,385
At 31 March 2025	390,409	128,668	99,981	619,058
Depreciation
At 1 April 2024	137,569	108,843	91,552	337,964
Charge for the year on owned assets	26,029	9,356	5,511	40,896
At 31 March 2025	163,598	118,199	97,063	378,860
Net book value
At 31 March 2025	226,811	10,469	2,918	240,198
At 31 March 2024	252,841	14,450	7,419	274,710

6.	Debtors
		2025	2024
		£	£

Due after more than one year
Deferred tax asset	-	51,750
	-	51,750

					2025	2024
					£	£

Due within one year
Other debtors	28,185	36,586
Prepayments and accrued income	28,654	37,231
	56,839	73,817

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VERMUTERIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	12,289	132,307
	12,289	132,307

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	10,000	10,000
Other loans	-	135,866
Trade creditors	91,269	63,107
Taxation and social security	55,521	39,225
Other creditors	22,235	30,872
Accruals and deferred income	48,830	56,626
	227,855	335,696

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	2,500	12,500
	2,500	12,500

Bank loans, included above, consist of a Bounce Bank Loan which the company drew down in June 2020. The loan is part of the Bounce Back Loan Scheme, and hence backed by a UK Government guarantee for the full amount outstanding.

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VERMUTERIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Amounts falling due within one year
Bank loans	10,000	10,000
Other loans	-	135,866
Amounts falling due 1-2 years
Bank loans	2,500	12,500


	12,500	158,366

11.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,234 (2024: £10,170). Contributions totalling £2,968 (2024: £1,937) were payable to the fund at the balance sheet date and are included in creditors.

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