Bizzie Lizzies (Restaurants) Limited 31/03/2019 iXBRL

BIZZIE LIZZIES (RESTAURANTS) LIMITED - Company Information

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Company registration number: 02498482

Bizzie Lizzies (Restaurants) Limited

Unaudited filleted financial statements

31 March 2019

Bizzie Lizzies (Restaurants) Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Bizzie Lizzies (Restaurants) Limited

Directors and other information


	Directors	Mr A R Davison
		Mrs K Davison


	Company number	02498482


	Registered office	Unit 4 Sidings Business Park
		Engine Shed Lane
		Skipton
		North Yorkshire
		BD23 1TB


	Accountants	Windle & Bowker Limited
		Croft House
		Station Road
		Barnoldswick
		Lancashire
		BB18 5NA




	Bankers	Santander UK Plc
		Santander Corporate Banking
		Bridle Road
		Bootle
		Merseyside
		L30 4GB


	Solicitors	Savage Crangle
		15 High Street
		Skipton
		North Yorkshire
		BD23 1AJ

Bizzie Lizzies (Restaurants) Limited

Statement of financial position

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	5	280,000		320,000
Tangible assets	6	452,755		142,679
		_______		_______
			732,755		462,679

Current assets
Stocks		27,100		26,740
Debtors	7	631,405		482,573
Cash at bank and in hand		135,631		85,873
		_______		_______
		794,136		595,186
Creditors: amounts falling due
within one year	8	( 522,843)		( 366,733)
		_______		_______
Net current assets			271,293		228,453
			_______		_______
Total assets less current liabilities			1,004,048		691,132

Creditors: amounts falling due
after more than one year	9		( 739,028)		( 435,433)

Provisions for liabilities			( 79,580)		( 23,232)

			_______		_______
Net assets			185,440		232,467
			_______		_______

Capital and reserves
Called up share capital			3		3
Profit and loss account			185,437		232,464
			_______		_______
Shareholders funds			185,440		232,467
			_______		_______

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- 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;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 April 2019 , and are signed on behalf of the board by:

Mr A R Davison

Director

Company registration number: 02498482

Bizzie Lizzies (Restaurants) Limited

Notes to the financial statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 4 Sidings Business Park, Engine Shed Lane, Skipton, North Yorkshire, BD23 1TB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.Revenue is recognised on a daily, point of sale basis.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	15% reducing balance
Fittings fixtures and equipment	-	10% - 33.33% straight line
Motor vehicles	-	25% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 84 (2018: 81 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2018 and 31 March 2019	400,000	400,000
	_______	_______
Amortisation
At 1 April 2018	80,000	80,000
Charge for the year	40,000	40,000
	_______	_______
At 31 March 2019	120,000	120,000
	_______	_______
Carrying amount
At 31 March 2019	280,000	280,000
	_______	_______
At 31 March 2018	320,000	320,000
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2018	130,447	47,738	40,905	219,090
Additions	255,325	117,124	-	372,449
	_______	_______	_______	_______
At 31 March 2019	385,772	164,862	40,905	591,539
	_______	_______	_______	_______
Depreciation
At 1 April 2018	32,451	30,855	13,105	76,411
Charge for the year	27,798	27,625	6,950	62,373
	_______	_______	_______	_______
At 31 March 2019	60,249	58,480	20,055	138,784
	_______	_______	_______	_______
Carrying amount
At 31 March 2019	325,523	106,382	20,850	452,755
	_______	_______	_______	_______
At 31 March 2018	97,996	16,883	27,800	142,679
	_______	_______	_______	_______

7. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings	578,346	468,789
Other debtors	53,059	13,784
	_______	_______
	631,405	482,573
	_______	_______

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	78,539	27,600
Trade creditors	254,928	160,409
Corporation tax	-	47,697
Social security and other taxes	90,114	107,734
Other creditors	99,262	23,293
	_______	_______
	522,843	366,733
	_______	_______

Included in creditors: amounts falling due within one year, is a bank loan amounting to £28,539 (2018 - £27,600) which is secured by way of a fixed and floating charge over all property and undertakings of the company. Included in creditors: amounts falling due within one year, are net obligations under hire purchase contracts of £68,904 (2018 - £6,200) which are secured against the assets to which they relate.

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	580,161	417,866
Other creditors	158,867	17,567
	_______	_______
	739,028	435,433
	_______	_______

Included in creditors: amounts falling due after more than one year, is a bank loan amounting to £389, 327 (2018 - £417,866) which is secured by way of a fixed and floating charge over all property and undertakings of the company. Included in creditors: amounts falling due after more than one year, are net obligations under hire purchase contracts of £158,867 (2018 - £17,567) which are secured against the assets to which they relate.

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	-	20,000
Later than 1 year and not later than 5 years	-	25,000
	_______	_______
	-	45,000
	_______	_______

11. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £7,929(2018 - £3,724).Contributions totalling £722 (2018 - £310) were payable to the fund at the year end, and are included in creditors: amounts falling due within one year.

12. Related party transactions

During the year, the company paid rent and insurance of £155,943 (2018 - £138,785) to Bizzie Lizzies (Properties) Ltd. At the year end there was a balance of £17,463 (2018 - £14,431) included within trade creditors.During the year, the company paid costs of £27,678 (2018 - £30,940) to Kleantech Limited in respect of cleaning services. At the year end there was a balance of £nil (2018 - £nil) included within trade creditors. Mr A R Davison is a director of Kleantech Limited.Included in other debtors is an amount of £578,346 (2018 - £468,789) owing from Bizzie Lizzies (Properties) Ltd.Included in creditors: amounts falling due within one year, is a directors loan account balance of £2,867 (2018 - £3,728) owing to Mr A R Davison & Mrs K Davison .Both stated loans are interest free and repayable on demand.

13. Controlling party

The company is a wholly owned subsidiary undertaking of Bizzie Lizzies (Properties) Ltd . The registered office of Bizzie Lizzies (Properties) Ltd is Croft House, Station Road, Barnoldswick, Lancashire, BB18 5NA.