Pitstop Restaurants Limited Filleted accounts for Companies House (small and micro)

PITSTOP RESTAURANTS LIMITED - Company Information

20 false false false false false false false false false true false false false false false false false No description of principal activity 2018-08-01 Sage Accounts Production Advanced 2020 - FRS102_2014 208,412 81,704 290,116 64,432 19,260 83,692 206,424 143,980 xbrli:pure xbrli:shares iso4217:GBP NI604295 2018-08-01 2019-07-31 NI604295 2019-07-31 NI604295 2018-07-31 NI604295 2017-08-01 2018-07-31 NI604295 2018-07-31 NI604295 core:PlantMachinery 2018-08-01 2019-07-31 NI604295 bus:Director2 2018-08-01 2019-07-31 NI604295 core:PlantMachinery 2018-07-31 NI604295 core:PlantMachinery 2019-07-31 NI604295 core:WithinOneYear 2019-07-31 NI604295 core:WithinOneYear 2018-07-31 NI604295 core:AfterOneYear 2019-07-31 NI604295 core:ShareCapital 2019-07-31 NI604295 core:ShareCapital 2018-07-31 NI604295 core:RetainedEarningsAccumulatedLosses 2019-07-31 NI604295 core:RetainedEarningsAccumulatedLosses 2018-07-31 NI604295 core:PlantMachinery 2018-07-31 NI604295 bus:SmallEntities 2018-08-01 2019-07-31 NI604295 bus:AuditExempt-NoAccountantsReport 2018-08-01 2019-07-31 NI604295 bus:FullAccounts 2018-08-01 2019-07-31 NI604295 bus:SmallCompaniesRegimeForAccounts 2018-08-01 2019-07-31 NI604295 bus:PrivateLimitedCompanyLtd 2018-08-01 2019-07-31

COMPANY REGISTRATION NUMBER: NI604295

Pitstop Restaurants Limited

Filleted Unaudited Financial Statements

31 July 2019

Pitstop Restaurants Limited

Financial Statements

Year ended 31 July 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Pitstop Restaurants Limited

Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		206,424	143,980

Current assets

Stocks		6,000	6,000
Debtors	6	52,750	34,123
Cash at bank and in hand		14,827	28,870
		--------	--------
		73,577	68,993

Creditors: amounts falling due within one year	7	185,280		173,893
		---------		---------
Net current liabilities			111,703	104,900
			---------	---------
Total assets less current liabilities			94,721	39,080

Creditors: amounts falling due after more than one year	8		61,000	–

Provisions

Taxation including deferred tax	13,120	9,288
	--------	--------
Net assets	20,601	29,792
	--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	20,599	29,790
	--------	--------
Shareholders funds	20,601	29,792
	--------	--------

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.

For the year ending 31 July 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 .

Pitstop Restaurants Limited

Statement of Financial Position (continued)

31 July 2019

These financial statements were approved by the board of directors and authorised for issue on 30 July 2020 , and are signed on behalf of the board by:

Mr S Smyth

Director

Company registration number: NI604295

Pitstop Restaurants Limited

Notes to the Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 49 High Street, Newtownards, BT23 7HS.

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.

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.

Income tax

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Plant and equipment	-	20% straight line

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. For the purposes of impairment testing, 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 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 stock to its 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2018: 20 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 August 2018	208,412	208,412
Additions	81,704	81,704
	---------	---------
At 31 July 2019	290,116	290,116
	---------	---------
Depreciation
At 1 August 2018	64,432	64,432
Charge for the year	19,260	19,260
	---------	---------
At 31 July 2019	83,692	83,692
	---------	---------
Carrying amount
At 31 July 2019	206,424	206,424
	---------	---------
At 31 July 2018	143,980	143,980
	---------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	853	974
Other debtors	51,897	33,149
	--------	--------
	52,750	34,123
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	106,478	102,608
Corporation tax	717	2,000
Social security and other taxes	28,740	23,736
Other loans	24,000	18,000
Other creditors	25,345	27,549
	---------	---------
	185,280	173,893
	---------	---------

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

	2019	2018
	£	£
Other loans	61,000	–
	--------	----

9. Related party transactions

During the year loans were extended to the directors in the amount of £14,000. These were outstanding at the year end and included in the note 7 to these financial statements.