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Registered number: 11317747
CAMBSCUISINE HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
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CAMBSCUISINE HOLDINGS LIMITED
REGISTERED NUMBER: 11317747
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2021
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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CAMBSCUISINE HOLDINGS LIMITED
REGISTERED NUMBER: 11317747
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2021
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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OTA Thain
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The notes on pages 3 to 8 form part of these financial statements.
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CAMBSCUISINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
The company is a holding company of a group that manages a number of restaurants in Cambridge and the surrounding villages.
The company is a private company limited by shares and is incorporated in England.
The address of its registered office is The Crown and Punchbowl, High Street, Horningsea, Cambridge,
CB25 9JG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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CAMBSCUISINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 4 (2020 - 4).
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CAMBSCUISINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
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Freehold property (as restated)
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £1,165,052 (2020 - £1,189,470)
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CAMBSCUISINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
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Investments in subsidiary companies
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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CAMBSCUISINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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The above mentioned loan is secured by way of a fixed and floating charge over all assets.
The bank loans figure is comprised of £80,000 (2020: £nil) relating to Coronavirus Business Interruption Loan, £46,084 (2020: £49,690) relating to a mortgage and £235,671 (2020: £211,564) relating to the business loan.
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CAMBSCUISINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The above mentioned loan is secured by way of a fixed and floating charge over all assets.
The bank loans figure is comprised of £520,000 (2020: £nil) relating to Coronavirus Business Interruption Loan, £754,955 (2020: £768,338) relating to a mortgage and £514,783 (2020: £615,651) relating to the business loan.
A 2019 review of FRS 102 by the Financial Reporting Council introduced paragraphs 16.4A and 16.4B in FRS 102, which offer an accounting policy choice. Property rented out to other group members can either be accounted for at fair value through profit or loss; or by using the cost model in section 17 Property, Plant and Equipment. The directors have decided to amend the company's accounting policy to the cost model because they consider that is more relevant to the company's circumstances.
This change of policy has resulted in the following changes:-
1) Investment property being renamed as freehold property within tangible fixed assets
2) An elimination of the revaluation reserve of £1,190,340 with a corresponding reduction in the carrying value of the properties concerned
3) Depreciation charges to account for depreciation at 2% per annum, with £31,386 of these relating to the period up to 28 February 2020.
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