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Registered number: 11243659 FOLIE RESTAURANT LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2025
FOLIE RESTAURANT LTD REGISTERED NUMBER: 11243659 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 170,134 |  | 2,021,503
|  |  | 170,134 |  | 2,021,503
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 85,748 |  | 85,748 |
Debtors: amounts falling due within one year | 6 | 62,946 |  | 47,519 |
Cash at bank and in hand | 7 | 2,242 |  | 8,055 |
|  | 150,936 |  | 141,322 |
Creditors: amounts falling due within one year | 8 | (1,104,486) |  | (967,293) |
Net current liabilities |  |  | (953,550) |  | (825,971)
Total assets less current liabilities |  |  | (783,416) |  | 1,195,532
Creditors: amounts falling due after more than one year | 9 |  | (5,892,794) |  | (5,466,884)
Net liabilities |  |  | (6,676,210) |  | (4,271,352)
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 500 |  | 500
Profit and loss account |  |  | (6,676,710) |  | (4,271,852)
|  |  | (6,676,210) |  | (4,271,352)
Page 1
FOLIE RESTAURANT LTD REGISTERED NUMBER: 11243659 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 JUNE 2025 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 Zelman
Director
Date: 16 July 2026
The notes on pages 3 to 12 form part of these financial statements. Page 2
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Folie Restaurant Ltd ("The Company") principal activity is the rental of a restaurant property to a fellow group company. The Company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business is c/o Bob Bob Ricard, 1-3 Upper James Street, London, W1F 9DF. The Company's functional and presentational currency is GBP. 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 FRS 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 the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due. At the year end, the Company was in a net liability position. Subsequent to the year end, the restaurant being operated from the Company’s premises ceased trading. In addition, the Company was sold to new owners. Since acquisition, the Company has not recommenced operations and, although there are plans to reopen the restaurant, no firm timetable or operational commitment has been finalised at the date of approval of these financial statements. The Company is therefore currently non-trading and is dependent on the continued financial support of its shareholders and/or the successful recommencement of operations in order to meet its liabilities as they fall due. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern. Page 3
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue 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, rebates, value added tax and other sales taxes. Revenue comprises of rent and other recharges, net of VAT. Revenue is recognised in the period in which it relates to. Rent received in advance is carried forward as deferred income.
| 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. Benefits received and receivable as an incentive to sign an operating lease are recognised 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.
| 2.7 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.8 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 4
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - |  | Over the period of the lease
|  |  |  | Plant and machinery | - | 10% | Straight-line basis
|  |  |  | Fixtures and fittings | - | 10% | Straight-line basis
|  |  |  | Office equipment | - | 33% | Straight-line basis
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.
| 2.9 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.10 | 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. Page 5
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. (i) Financial assets Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. (iii) Offsetting Financial assets and liabilities are offset and 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. Page 6
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Going concern assumption As outlined in Note 2.2, the Directors have prepared the financial statements on a going concern basis and believe this remains appropriate. The Directors' going concern assessment is based on the continued financial support of its shareholders and/or the successful recommencement of operations in order to meet its liabilities as they fall due. Accordingly, the assets and liabilities have been valued on the basis that Company is a going concern. If this presumption is proven to be mistaken, the carrying value of assets and liabilities would need to be reappraised. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets.
4. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 7
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 July 2024 | 2,224,383 | 22,287 | 327,454 | 23,752 | 2,597,876
| At 30 June 2025 | 2,224,383 | 22,287 | 327,454 | 23,752 | 2,597,876
| Depreciation |  |  |  |  |
| At 1 July 2024 | 408,932 | 9,508 | 135,211 | 22,722 | 576,373
| Charge for the year on owned assets | 89,344 | 2,223 | 32,665 | 1,030 | 125,262
| Impairment charge | 1,726,107 | - | - | - | 1,726,107
| At 30 June 2025 | 2,224,383 | 11,731 | 167,876 | 23,752 | 2,427,742
| Net book value |  |  |  |  |
| At 30 June 2025 | - | 10,556 | 159,578 | - | 170,134
| At 30 June 2024 | 1,815,451 | 12,779 | 192,243 | 1,030 | 2,021,503
| An impairment charge of £1,726,107 has been recognised in respect of the leasehold property following a reassessment of its recoverable amount, reducing its carrying value to £nil.
Page 8
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 85,748 | 85,748
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Other debtors | 12,050 | 26,525
| Prepayments and accrued income | 50,896 | 20,994
|  | 62,946 | 47,519
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,242 | 8,055
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (See Note 10) | 7,438 | 10,648
| Trade creditors | 59,171 | 26,031
| Amounts owed to group undertakings | 296,668 | 304,272
| Other taxation and social security | - | 4,602
| Other creditors | 212 | 212
| Accruals and deferred income | 740,997 | 621,528
|  | 1,104,486 | 967,293
| Amounts owed to group undertakings are interest free and repayable on demand.
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FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (See Note 10) | - | 7,438
| Other loans (See Note 10) | 5,194,125 | 4,721,932
| Accruals | 698,669 | 737,514
|  | 5,892,794 | 5,466,884
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 7,438 | 10,648
| Amounts falling due 2-5 years |  |
| Bank loans | - | 7,438
| Other loans | 5,194,125 | 4,721,932
|  | 5,201,563 | 4,740,018
| Bank loans comprises of a bounce back loan from the Company's bankers. The loan term is 5 years and is repayable in monthly installments. The loan attracts interest at a variable rate of 2.5% per annum above the Bank of England base rate. At the reporting date, the loan balance outstanding was £7,438 (2024 - £18,086). Other loans comprises of a shareholder loan. The loan term is 5 years and bears interest at a fixed rate of 10% per annum, calculated on a daily basis and capitalised annually on 1 July. At the reporting date, the principal balance outstanding was £5,194,125 (2024 - £4,721,932). Following the change in ownership of the Company subsequent to the year-end, this loan was novated to a beneficial owner of the new shareholders.
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 500 (2024 - 500) Ordinary shares of £1.00 each | 500 | 500
Page 10
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Commitments under operating leases
| At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 345,000 | 345,000
| Later than 1 year and not later than 5 years | 1,380,945 | 1,380,945
| Later than 5 years | 4,824,329 | 5,169,329
|  | 6,550,274 | 6,895,274
13. | Subsequent events
Subsequent to the year-end, the Company was sold, following which the Company's immediate parent undertaking became Power Link Ltd, a company registered in Cyprus. As this decision does not relate to conditions existing at the year-end, it is treated as a non-adjusting subsequent event. As a result of this, no adjustments have been made to the financial statements.
14. | Controlling party
As at 30 June 2025, the immediate parent company was KNBY (UK) Limited, a company registered in England and Wales. The ultimate parent undertaking was KNBY Limited, a company registered in the British Virgin Islands. Subsequent to the year-end, the new immediate and ultimate parent undertaking became Power Link Ltd, a company registered in Cyprus. Page 11
FOLIE RESTAURANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | Auditors' information
The auditors' report on the financial statements for the year ended 30 June 2025 was unqualified.
| In their report, the auditors emphasised the following matter without qualifying their report: We draw attention to note 2.2 in the financial statements, which indicates that continuing net liabilities identified that may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included consideration of the Company's forecasts and the assumptions underlying those forecasts. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The audit report was signed on 17 July 2026 by Catalina Feier FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
Page 12