ST PANCRAS PATISSERIE LIMITED Filleted accounts for Companies House (small and micro)

ST PANCRAS PATISSERIE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11878848

ST PANCRAS PATISSERIE LIMITED

Filleted Financial Statements

30 June 2020

ST PANCRAS PATISSERIE LIMITED

Statement of Financial Position

30 June 2020

	30 Jun 20
Note	£

Fixed assets

Tangible assets	4	1,080,405

Current assets

Stocks		4,115
Debtors	5	68,681
Cash at bank and in hand		129,382
		---------
		202,178

Creditors: amounts falling due within one year	6	1,311,057
		------------
Net current (liabilities)/assets		1,108,879
		------------
Total assets less current liabilities		( 28,474)
		--------

Capital and reserves

Called up share capital	100
Profit and loss account	( 28,574)
	--------
Shareholders (deficit)/funds	( 28,474)
	--------

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 Section 1A of 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.

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 11 June 2021 , and are signed on behalf of the board by:

Ms Miller - Salme
Director

Company registration number: 11878848

ST PANCRAS PATISSERIE LIMITED

Notes to the Financial Statements

Period from 13 March 2019 to 30 June 2020

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, NW9 8TZ, United Kingdom.

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 July 2018. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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.

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.

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.

4. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 13 March 2019	–	–	–	–	–
Additions	921,685	128,595	25,216	4,909	1,080,405
	---------	---------	--------	-------	------------
At 30 June 2020	921,685	128,595	25,216	4,909	1,080,405
	---------	---------	--------	-------	------------
Depreciation
At 13 March 2019 and 30 June 2020	–	–	–	–	–
	---------	---------	--------	-------	------------
Carrying amount
At 30 June 2020	921,685	128,595	25,216	4,909	1,080,405
	---------	---------	--------	-------	------------

5. Debtors

	30 Jun 20
	£
Other debtors	68,681
	--------

6. Creditors: amounts falling due within one year

	30 Jun 20
	£
Trade creditors	246,784
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,064,273
	------------
	1,311,057
	------------

7. Summary audit opinion

The auditor's report for the period dated 14 June 2021 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

As at year ended 30 June 2020 St Pancras Patisserie Limited owed to:

		2020
		£
	Racine Restaurants Limited	1,052,472
	EL&N Limited	11,801

All these companies are connected by virtue of a common directorship.

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

		2020
		£
	Within one year	400,000

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2018.

No transitional adjustments were required in equity or profit or loss for the period.

11. Going concern

Since the start of January 2020, the coronavirus outbreak, which is a rapidly evolving situation has adversely impacted global commercial activities. The rapid development and fluidity of the situation precludes any prediction as to its ultimate impact, which may have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.

The director is monitoring developments relating to Covid-19 regularly and are coordinating its operational response based on existing business continuity plans, in addition to guidance from global health organisations, the government and general pandemic response best practices.

Having reviewed the company's forecasts and projections, taking account of possible changes in trading performance, the director has reasonable expectation that the company should be able to continue in operational existence without the need for external facilities for the foreseeable future.

The director is optimistic that with the numerous business support schemes introduced by the Government, the company should be able to continue operationally. In the light of this, the going concern has been adopted in the preparation of the financial statements for the year ended 30 June 2020.