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

HERBEL RESTAURANTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI014639

Herbel Restaurants Limited

Filleted Financial Statements

31 December 2020

Herbel Restaurants Limited

Financial Statements

Period from 30 December 2019 to 31 December 2020

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 6

Herbel Restaurants Limited

Officers and Professional Advisers

The board of directors	Mr M A Herbert
	Mrs L E Herbert

Company secretary	Mr M A Herbert

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Auditor	Maneely Mc Cann
	Chartered Accountants & Statutory Auditors
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Bank of Ireland
	1 Donegall Square South
	Belfast
	BT1 5LR

	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Solicitors	DWF (Northern Ireland) LLP
	Jefferson House
	42 Queen Street
	Belfast
	BT1 6HL

Herbel Restaurants Limited

Statement of Financial Position

31 December 2020

	31 Dec 20		29 Dec 19
Note	£	£	£

Fixed assets

Investments	4		25,140	25,140

Current assets

Debtors	5	–	72,178
Cash at bank and in hand		795	1,776
		----	--------
		795	73,954

Creditors: amounts falling due within one year	6	954,679		960,179
		---------		---------
Net current liabilities			953,884	886,225
			---------	---------
Total assets less current liabilities			( 928,744)	( 861,085)
			---------	---------

Capital and reserves

Called up share capital	177,500	177,500
Capital redemption reserve	322,500	322,500
Profit and loss account	( 1,428,744)	( 1,361,085)
	------------	------------
Shareholders deficit	( 928,744)	( 861,085)
	------------	------------

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 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.

These financial statements were approved by the board of directors and authorised for issue on 27 April 2021 , and are signed on behalf of the board by:

Mr M A Herbert

Director

Company registration number: NI014639

Herbel Restaurants Limited

Notes to the Financial Statements

Period from 30 December 2019 to 31 December 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

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.

Going concern

These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had net current liabilities of £953,884 and a net shareholder's deficit of £928,744 at the balance sheet date. The company, along with other members of the group, have the necessary cash cover to meet its ongoing non-secured creditor obligations and liabilities for the foreseeable future. In light of the above, the director considers it appropriate to prepare the financial statements on a a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Income tax

Corporation tax is calculated on the results for the period. Tax deferred as a result of timing differences between accounting and taxation profits is provided for in full in respect of deferred tax liabilities with the exception of differences arising from the revaluation of fixed assets, where there is no binding agreement to sell the asset at the balance sheet date and where the gain or loss on such a sale has not been recognised in the financial statements. The provision is made at the taxation rates at which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable. Tax arising on the sale of revalued assets is allocated on a pro rata basis between any gain reported in the profit and loss account and the revaluation gains reported previously in the statement of total recognised gains and losses.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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. 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. Investments

	Shares in group undertakings
	£
Cost
At 30 December 2019	4,487,562
Disposals	( 807,120)
	------------
At 31 December 2020	3,680,442
	------------
Impairment
At 30 December 2019	4,462,422
Disposals	( 807,120)
	------------
At 31 December 2020	3,655,302
	------------

Carrying amount
At 31 December 2020	25,140
	------------
At 29 December 2019	25,140
	------------

5. Debtors

	31 Dec 20	29 Dec 19
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	72,178
	----	--------

6. Creditors: amounts falling due within one year

	31 Dec 20	29 Dec 19
	£	£
Social security and other taxes	–	5,500
Other creditors	954,679	954,679
	---------	---------
	954,679	960,179
	---------	---------

7. Summary audit opinion

The auditor's report for the period dated 27 April 2021 was unqualified .

An Emphasis of Matter paragraph was included in relation to Going Concern:

Material uncertainty related to going concern

We draw attention to note 3 in the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The Senior Statutory Auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann .

8. Director's advances, credits and guarantees

During the period the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	31 Dec 20	29 Dec 19
	£	£
Mr M A Herbert	( 20,195)	( 20,195)
	--------	--------

9. Related party transactions

Control The company is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland. Herbel Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales which is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings Limited and as such is considered to be the ultimate controlling party of the company. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 33, Related Party Disclosures.

10. Controlling party

Herbert Corporate Holdings Limited is the company's ultimate parent company. Copies of consolidated financial statements may be obtained from Lesley House, 605 Lisburn Road, Belfast, BT9 7GS .