Lowndes Street Food Limited Filleted accounts for Companies House (small and micro)

Lowndes Street Food Limited Filleted accounts for Companies House (small and micro)

LOWNDES STREET FOOD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11605019
Lowndes Street Food Limited
Filleted Financial Statements
30 June 2019
Lowndes Street Food Limited
Statement of Financial Position
30 June 2019
30 Jun 19
Note
£
Current assets
Stocks
4,510
Debtors
5
173,372
Cash at bank and in hand
147
---------
178,029
Creditors: amounts falling due within one year
6
310,083
---------
Net current liabilities
132,054
---------
Total assets less current liabilities
( 132,054)
---------
Net liabilities
( 132,054)
---------
Capital and reserves
Called up share capital
100
Profit and loss account
( 132,154)
---------
Shareholders deficit
( 132,054)
---------
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 comprehensive income has not been delivered.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2020 , and are signed on behalf of the board by:
Mrs Miller Salame
Director
Company registration number: 11605019
Lowndes Street Food Limited
Notes to the Financial Statements
Period from 4 October 2018 to 30 June 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jubilee House, Townsend Lane, London, NW98TZ.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2017. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
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 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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 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 as a finance cost 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 period amounted to 23 .
5. Debtors
30 Jun 19
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
109,229
Other debtors
64,143
---------
173,372
---------
6. Creditors: amounts falling due within one year
30 Jun 19
£
Trade creditors
97,076
Amounts owed to group undertakings and undertakings in which the company has a participating interest
146,369
Social security and other taxes
28,068
Service Charges
3,135
Other creditors
35,435
---------
310,083
---------
7. Summary audit opinion
The auditor's report for the period dated 30 March 2020 was unqualified, however, the auditor drew attention to the following by way of emphasis.
We draw your attention to the going concern issue indicated in Note 11 to the financial statements. While drawing your attention to this note, we want to state that our auditor's opinion is not modified in respect of the matter emphasized.
The senior statutory auditor was Hayford Doh FCCA , for and on behalf of Ashford Louis .
8. Related party transactions
Lowndes Street Food Limited is a subsidiary of Lowndes Street Patisserie Limited which is a subsidiary of Racine Restaurants Limited. As at year end 30/06/19, Lowndes Street Food Limited was owed:
2019
£
Market Place Patisserie Limited 2,040
Lowndes Street Patisserie Limited 45,242
Racine Restaurants Limited 61,947
Total 109,229
As at year end Lowndes Street Food Limited owed:
2019
£
Park Lane Food Limited 43,222
Market Place Food Limited 38,417
Pomenta Limited 28,841
Elan Speciality Coffee Limited 19,193
Hans Crescent Food Limited 16,695
Total 146,369
All these companies are connected due to common directorship under Alexandra Miller.
9. Controlling party
The Ultimate parent company of Lowndes Street Food Limited is Racine Restaurants Limited.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2017.
No transitional adjustments were required in equity or profit or loss for the period.
11. Going concern
The company's forecasts and projections, taking account of possible changes in trading performance, show that the Company should be able to operate without the need for external facilities (outside of the Group) for the foreseeable future. Even with the coronavirus outbreak having a huge impact on human society and economy with the restaurant industry sustaining one of the heaviest blows, the director is optimistic that with the numerous business support schemes introduced by the Government, the company will continue in operational existence for the foreseeable future.