Collinsons Restaurant Limited Company accounts

COLLINSONS RESTAURANT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC337922

Collinsons Restaurant Limited

Unaudited Financial Statements

31 March 2022

Collinsons Restaurant Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

Collinsons Restaurant Limited

Director's Report

Year ended 31 March 2022

The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2022 .

Principal activities

The principal activity of the company during the year was running a restaurant.

Director

The director who served the company during the year was as follows:

Mr S. Collinson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 26 October 2022 and signed on behalf of the board by:

Mr S. Collinson
Director

Registered office:

122 Brown Street

Broughty Ferry

Dundee

Scotland

DD5 1EN

Collinsons Restaurant Limited

Statement of Income and Retained Earnings

Year ended 31 March 2022

	2022	2021
Note	£	£
Turnover	414,889	126,582

Cost of sales	99,627	31,757
	---------	---------
Gross profit	315,262	94,825

Administrative expenses	196,617	144,394
Other operating income	71,866	81,885
	---------	---------
Operating profit	190,511	32,316

Interest payable and similar expenses		4,893	1,151
		---------	---------
Profit before taxation	5	185,618	31,165

Tax on profit	37,044	8,001
	---------	--------
Profit for the financial year and total comprehensive income	148,574	23,164
	---------	--------

Dividends paid and payable	( 70,000)	( 75,000)

Retained earnings at the start of the year	98,337	150,173
	---------	---------
Retained earnings at the end of the year	176,911	98,337
	---------	---------

All the activities of the company are from continuing operations.

Collinsons Restaurant Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		65,553	25,365

Current assets

Stocks		4,120	4,000
Debtors	7	1,073	3,118
Cash at bank and in hand		237,161	168,533
		---------	---------
		242,354	175,651

Creditors: amounts falling due within one year	8	89,651		52,678
		---------		---------
Net current assets			152,703	122,973
			---------	---------
Total assets less current liabilities			218,256	148,338

Creditors: amounts falling due after more than one year	9		31,667	50,000

Provisions

Taxation including deferred tax	9,677	–
	---------	---------
Net assets	176,912	98,338
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	176,911	98,337
	---------	--------
Shareholders funds	176,912	98,338
	---------	--------

These financial statements have been prepared 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'.

For the year ending 31 March 2022 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Collinsons Restaurant Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 26 October 2022 , and are signed on behalf of the board by:

Mr S. Collinson
Director

Company registration number: SC337922

Collinsons Restaurant Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 122 Brown Street, Broughty Ferry, Dundee, DD5 1EN, Scotland.

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:

Tenants improvements	-	10% straight line
Fixtures & fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

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 year amounted to 10 (2021: 9 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	28,882	12,647
	--------	--------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2021	104,251	36,196	–	23,099	163,546
Additions	–	1,915	65,490	1,665	69,070
	---------	--------	--------	--------	---------
At 31 March 2022	104,251	38,111	65,490	24,764	232,616
	---------	--------	--------	--------	---------
Depreciation
At 1 April 2021	85,554	32,099	–	20,528	138,181
Charge for the year	10,425	1,025	16,373	1,059	28,882
	---------	--------	--------	--------	---------
At 31 March 2022	95,979	33,124	16,373	21,587	167,063
	---------	--------	--------	--------	---------
Carrying amount
At 31 March 2022	8,272	4,987	49,117	3,177	65,553
	---------	--------	--------	--------	---------
At 31 March 2021	18,697	4,097	–	2,571	25,365
	---------	--------	--------	--------	---------

7. Debtors

	2022	2021
	£	£
Other debtors	1,073	3,118
	-------	-------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	10,000	–
Trade creditors	11,427	458
Corporation tax	27,367	8,001
Social security and other taxes	12,664	589
Other creditors	28,193	43,630
	--------	--------
	89,651	52,678
	--------	--------

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

	2022	2021
	£	£
Bank loans and overdrafts	31,667	50,000
	--------	--------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	19,800	19,800
Later than 1 year and not later than 5 years	–	19,800
	--------	--------
	19,800	39,600
	--------	--------