M G B Restaurants Ltd 31/12/2018 iXBRL

M G B Restaurants Ltd 31/12/2018 iXBRL

MGB RESTAURANTS LTD - Company Information

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Company registration number: 04582325
M G B Restaurants Ltd
Trading as McDonald's
Unaudited filleted financial statements
31 December 2018
M G B Restaurants Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
M G B Restaurants Ltd
Directors and other information
Director Mr M Braham
Secretary Mrs E Braham
Company number 04582325
Registered office 109 Coventry Road
Small Heath
Birmingham
B10 0RJ
Business address Coventry Road
Small Heath
Birmingham
West Midlands
B10 0RJ
Accountants Windsors Rybridge Ltd
9 Castle Court (2)
Castlegate Way
Dudley
West Midlands
DY1 4RH
Bankers HSBC plc
PO Box 68
130 New Street
Birmingham
B2 4JU
M G B Restaurants Ltd
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 65,488 76,541
Tangible assets 6 2,460,806 602,655
Investments 7 3,750 3,750
_______ _______
2,530,044 682,946
Current assets
Stocks 37,589 38,545
Debtors 8 70,570 43,916
Cash at bank and in hand 186,727 507,128
_______ _______
294,886 589,589
Creditors: amounts falling due
within one year 9 ( 873,431) ( 828,638)
_______ _______
Net current liabilities ( 578,545) ( 239,049)
_______ _______
Total assets less current liabilities 1,951,499 443,897
Creditors: amounts falling due
after more than one year 10 ( 1,733,765) ( 157,970)
Provisions for liabilities ( 106,539) ( 73,174)
_______ _______
Net assets 111,195 212,753
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 111,095 212,653
_______ _______
Shareholders funds 111,195 212,753
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 11 September 2019 , and are signed on behalf of the board by:
Mr M Braham
Director
Company registration number: 04582325
M G B Restaurants Ltd
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 109 Coventry Road, Small Heath, Birmingham, B10 0RJ.
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 and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually at the point of sale; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. The aggregate benefit of lease incentives is recognised as a reduction to 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
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 - Between 5.38% and 5.53% Straight line
Licence fees - Between 5% and 5.53% 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - 10 % straight line
Plant and machinery - Between 10% and 33.33% Straight line
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 33.33 % straight line
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.
Fixed asset investments
Unlisted fixed asset investments are recorded at cost.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 341 (2017: 343 ).
5. Intangible assets
Goodwill Licence fees Total
£ £ £
Cost
At 1 January 2018 and 31 December 2018 115,273 90,000 205,273
_______ _______ _______
Amortisation
At 1 January 2018 72,722 56,010 128,732
Charge for the year 6,280 4,773 11,053
_______ _______ _______
At 31 December 2018 79,002 60,783 139,785
_______ _______ _______
Carrying amount
At 31 December 2018 36,271 29,217 65,488
_______ _______ _______
At 31 December 2017 42,551 33,990 76,541
_______ _______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Stamp duty Total
£ £ £ £ £ £
Cost
At 1 January 2018 5,266 2,310,872 15,991 8,490 10,380 2,350,999
Additions - 2,162,203 - - - 2,162,203
_______ _______ _______ _______ _______ _______
At 31 December 2018 5,266 4,473,075 15,991 8,490 10,380 4,513,202
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2018 5,073 1,720,893 13,651 2,830 5,897 1,748,344
Charge for the year 193 299,171 1,316 2,830 542 304,052
_______ _______ _______ _______ _______ _______
At 31 December 2018 5,266 2,020,064 14,967 5,660 6,439 2,052,396
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2018 - 2,453,011 1,024 2,830 3,941 2,460,806
_______ _______ _______ _______ _______ _______
At 31 December 2017 193 589,979 2,340 5,660 4,483 602,655
_______ _______ _______ _______ _______ _______
7. Investments
Unlisted investments Total
£ £
Cost
At 1 January 2018 and 31 December 2018 3,750 3,750
_______ _______
Impairment
At 1 January 2018 and 31 December 2018 - -
_______ _______
Carrying amount
At 31 December 2018 3,750 3,750
_______ _______
At 31 December 2017 3,750 3,750
_______ _______
8. Debtors
2018 2017
£ £
Trade debtors 598 -
Prepayments 50,969 42,708
Other debtors 19,003 1,208
_______ _______
70,570 43,916
_______ _______
9. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 311,866 34,795
Trade creditors 228,878 201,294
Accruals and deferred income 216,741 142,586
Corporation tax - 52,693
Social security and other taxes 115,200 302,807
Director loan accounts - 23,756
Other creditors 746 70,707
_______ _______
873,431 828,638
_______ _______
10. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans 1,733,765 157,970
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 477,911 (2017 £ 12,675 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans consist of unsecured loans with HSBC, which are repayable by instalments over 7 years, with interest charged at 1.30% and 1.40% over base.
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M Braham ( 23,756) 163,823 ( 140,000) 67
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M Braham ( 13,537) 149,781 ( 160,000) ( 23,756)
_______ _______ _______ _______
12. Controlling party
Mr M Braham holds a controlling interest in MGB Restaurants Ltd, being sole director and majority shareholder.