Prego Restaurant (Carluke) Ltd Filleted accounts for Companies House (small and micro)

PREGO RESTAURANT (CARLUKE) LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC307423

Prego Restaurant (Carluke) Ltd

Filleted Unaudited Abridged Financial Statements

For the year ended

31 March 2022

Prego Restaurant (Carluke) Ltd

Abridged Financial Statements

Year ended 31 March 2022

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Prego Restaurant (Carluke) Ltd

Abridged Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	89,262	90,251
Investments	6	–	100
		--------	--------
		89,262	90,351

Current assets

Stocks	18,000	14,890
Debtors	35,381	45,956
Cash at bank and in hand	138,050	39,847
	---------	---------
	191,431	100,693

Creditors: amounts falling due within one year	132,251	118,941
	---------	---------
Net current assets/(liabilities)	59,180	( 18,248)
	---------	--------
Total assets less current liabilities	148,442	72,103

Creditors: amounts falling due after more than one year	33,333	43,175

Provisions	15,741	15,741
	---------	--------
Net assets	99,368	13,187
	---------	--------

Prego Restaurant (Carluke) Ltd

Abridged Statement of Financial Position (continued)

31 March 2022

	2022	2021
Note	£	£

Capital and reserves

Called up share capital	4	4
Profit and loss account	99,364	13,183
	--------	--------
Shareholders funds	99,368	13,187
	--------	--------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 15 December 2022 , and are signed on behalf of the board by:

Mr R Jannetta

Director

Company registration number: SC307423

Prego Restaurant (Carluke) Ltd

Notes to the Abridged 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 The Mechanics Workshop, New Lanark, Lanark, ML11 9DB.

2. Statement of compliance

These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Long leasehold property	-	8% reducing balance
Plant and machinery	-	15% reducing balance
Fixture and fittings	-	10% reducing balance
Motor Vehicles	-	25% reducing balance

Investments

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

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual 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.

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. Investments are measured at cost less impairment. 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.

Defined contribution pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 45 (2021: 25 ).

5. Tangible assets

	£
Cost
At 1 April 2021	282,519
Additions	9,279
	---------
At 31 March 2022	291,798
	---------
Depreciation
At 1 April 2021	192,268
Charge for the year	10,268
	---------
At 31 March 2022	202,536
	---------
Carrying amount
At 31 March 2022	89,262
	---------
At 31 March 2021	90,251
	---------

6. Investments

	£
Cost
At 1 April 2021	100
Disposals	( 100)
	----
At 31 March 2022	–
	----
Impairment
At 1 April 2021 and 31 March 2022	–
	----
Carrying amount
At 31 March 2021	100
	----

7. Operating leases

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

	2022	2021
	£	£
Not later than 1 year	12,000	18,000
Later than 1 year and not later than 5 years	–	12,000
	--------	--------
	12,000	30,000
	--------	--------

8. Charges on assets

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £720 (2021 - £5,040).

9. Directors' advances, credits and guarantees

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

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs R M Faccenda	( 385)	–	–	( 385)
Mrs R Jannetta	( 7,076)	23,359	( 21,240)	( 4,957)
Mr R Faccenda	1,266	18,538	( 21,240)	( 1,436)
Mr R Jannetta	( 3,356)	41,789	( 39,240)	( 807)
	-------	--------	--------	-------
	( 9,551)	83,686	( 81,720)	( 7,585)
	-------	--------	--------	-------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs R M Faccenda	13,406	14,856	( 28,646)	(384)
Mrs R Jannetta	2,843	20,471	( 30,390)	( 7,076)
Mr R Faccenda	12,614	19,788	( 31,136)	1,266
Mr R Jannetta	4,665	20,472	( 28,494)	(3,357)
	--------	--------	---------	-------
	33,528	75,587	( 118,666)	( 9,551)
	--------	--------	---------	-------

No interest is chargeable on this balance and the loan is repayable on demand.

10. Related party transactions

During the year, the company paid dividends of £60,000 (2021 - £84,000) to the directors.