Prego Restaurant (Carluke) Ltd Filleted accounts for Companies House (small and micro)

Prego Restaurant (Carluke) Ltd Filleted accounts for Companies House (small and micro)

PREGO RESTAURANT (CARLUKE) LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC307423
Prego Restaurant (Carluke) Ltd
Filleted Unaudited Abridged Financial Statements
For the year ended
31 March 2019
Prego Restaurant (Carluke) Ltd
Abridged Financial Statements
Year ended 31 March 2019
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Prego Restaurant (Carluke) Ltd
Abridged Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
5
88,574
95,590
Investments
6
100
100
--------
--------
88,674
95,690
Current assets
Stocks
18,751
14,751
Debtors
38,064
27,662
Cash at bank and in hand
22,432
20,744
--------
--------
79,247
63,157
Creditors: amounts falling due within one year
140,583
98,810
---------
--------
Net current liabilities
61,336
35,653
--------
--------
Total assets less current liabilities
27,338
60,037
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
–
41,725
Provisions
13,962
14,790
--------
--------
Net assets
13,376
3,522
--------
--------
Prego Restaurant (Carluke) Ltd
Abridged Statement of Financial Position (continued)
31 March 2019
2019
2018
Note
£
£
Capital and reserves
Called up share capital
4
4
Profit and loss account
13,372
3,518
--------
-------
Shareholders funds
13,376
3,522
--------
-------
These abridged 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 abridged statement of comprehensive income has not been delivered.
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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 17 December 2019 , and are signed on behalf of the board by:
Mrs R M Faccenda
Director
Company registration number: SC307423
Prego Restaurant (Carluke) Ltd
Notes to the Abridged Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Long leasehold property
-
8% reducing balance
Plant and machinery
-
15% reducing balance
Fixture and fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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.
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 stock to its present location and condition.
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. Investments are measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension 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 30 (2018: 20 ).
5. Tangible assets
£
Cost
At 1 April 2018
259,673
Additions
2,000
---------
At 31 March 2019
261,673
---------
Depreciation
At 1 April 2018
164,083
Charge for the year
9,016
---------
At 31 March 2019
173,099
---------
Carrying amount
At 31 March 2019
88,574
---------
At 31 March 2018
95,590
---------
6. Investments
£
Cost
At 1 April 2018 and 31 March 2019
100
----
Impairment
At 1 April 2018 and 31 March 2019
–
----
Carrying amount
At 31 March 2019
100
----
At 31 March 2018
100
----
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019
2018
£
£
Not later than 1 year
18,000
18,000
Later than 1 year and not later than 5 years
48,000
66,000
--------
--------
66,000
84,000
--------
--------
8. Charges on assets
Creditors include bank loans and overdrafts which are secured of £nil (2018 - £56,599).
9. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.
10. Related party transactions
During the year, the company paid dividends of £85,000 (2018 - £85,000) to the directors.