Bizzie Lizzies (Restaurants) Limited
Bizzie Lizzies (Restaurants) Limited
Registered number: 02498482
Unaudited Financial Statements
For The Year Ended
31 March 2023
Bizzie Lizzies (Restaurants) Limited
Unaudited Financial Statements
For The Year Ended
31 March 2023
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—6 |
Bizzie Lizzies (Restaurants) Limited
Statement of Financial Position
As at
31 March 2023
Statement of Financial Position
Registered number:
02498482
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 222,479 | 273,514 | |||
Bizzie Lizzies (Restaurants) Limited
Statement of Financial Position (continued)
As at
31 March 2023
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Bizzie Lizzies (Restaurants) Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Bizzie Lizzies (Restaurants) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
02498482
. The registered office is Unit 4 Sidings Business Park, Engine Shed Lane, Skipton, North Yorkshire, BD23 1TB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared under the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue is recognised on a daily, point of sale basis
2.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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2.5.
Leases
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7.
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 transactions 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.
Bizzie Lizzies (Restaurants) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
2.8.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
2.9.
Pensions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
2.10.
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 in finance costs in profit or loss in the period is arises.
2.11.
Impariment
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. 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 are 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.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 73 (2022: 73)
Bizzie Lizzies (Restaurants) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
4.
Intangible Assets
| Goodwill | |||
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| Amortisation | |||
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| Net Book Value | |||
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5.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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6.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Amounts owed by group undertakings |
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Bizzie Lizzies (Restaurants) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
7.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Net obligations under finance leases |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | 13,599 | 12,365 | |
| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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Included in creditors: amounts falling due within one year, is a bank loan amounting to £nil (2022 - £30,000) which is secured by way of a fixed and floating charge over all property and undertakings of the company.
Included in creditors: amounts falling due within one year, are net obligations under hire purchase contracts of £40,384 (2022 - £50,760) which are secured against the assets to which they relate.
8.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Net obligations under finance leases |
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| Bank loans |
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Included in creditors: amounts falling due after more than one year, is a bank loan amounting to £nil (2022 - £350,689) which is secured by way of a fixed and floating charge over all property and undertakings of the company.
Included in creditors: amounts falling due after more than one year, are net obligations under hire purchase contracts of £5,250 (2022 - £53,925) which are secured against the assets to which they relate.
9.
Pension Commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,535 (2022 - £8,497).
Contributions totalling £395 (2022 - £384) were payable to the fund at the year end, and are included in
creditors: amounts falling due within one year.
10.
Related Party Transactions
Included in creditors: amounts falling due within one year, is a directors loan account balance of £22,711 (2022 - £64,047) owing to Mr A R Davison & Mrs K Davison.
The loan is interest free and repayable on demand.
11.
Ultimate Controlling Party
The company is a wholly owned subsidiary undertaking of Bizzie Lizzies (Properties) Ltd.
The registered office of Bizzie Lizzies (Properties) Ltd is Office 1 Embsay Mill, Embsay, Skipton, North Yorkshire, BD23 6QF.