Lowndes Street Food Limited Filleted accounts for Companies House (small and micro)

LOWNDES STREET FOOD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11605019

Lowndes Street Food Limited

Filleted Financial Statements

30 June 2022

Lowndes Street Food Limited

Statement of Financial Position

30 June 2022

	2022	2021
Note	£	£

Current assets

Stocks		35,554	9,275
Debtors	5	166,065	198,272
Cash at bank and in hand		78,234	91,110
		---------	---------
		279,853	298,657

Creditors: amounts falling due within one year	6	751,871	829,187
		---------	---------
Net current liabilities		472,018	530,530
		---------	---------
Total assets less current liabilities		( 472,018)	( 530,530)
		---------	---------
Net liabilities		( 472,018)	( 530,530)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 472,118)	( 530,630)
	---------	---------
Shareholders deficit	( 472,018)	( 530,530)
	---------	---------

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 director acknowledges her 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 30 May 2023 , and are signed on behalf of the board by:

Ms Alexandra Courtney Miller-Salame
Director

Company registration number: 11605019

Lowndes Street Food Limited

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jubilee House, Townsend Lane, London, NW9 8TZ.

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 pound sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for 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.

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.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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 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 25 (2021: 24 ).

5. Debtors

	2022	2021
	£	£
Trade debtors	13,252	877
Amounts owed by group undertakings and undertakings in which the company has a participating interest	16,697	32,891
Other debtors	136,116	164,504
	---------	---------
	166,065	198,272
	---------	---------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	59,026	61,947
Amounts owed to group undertakings and undertakings in which the company has a participating interest	658,295	742,527
Social security and other taxes	4,613	5,143
Other creditors	29,937	19,570
	---------	---------
	751,871	829,187
	---------	---------

7. Summary audit opinion

The auditor's report for the year dated 31 May 2023 was unqualified , however, the auditor drew attention to the following by way of emphasis.

We draw your attention to the going concern issue indicated in Note 11 to the financial statements. While drawing your attention to this note, we want to state that our auditor's opinion is not modified in respect of the matter emphasized.

The senior statutory auditor was Hayford Doh FCCA , for and on behalf of Ashford Louis .

8. Related party transactions

Lowndes Street Patisserie Limited provides management services including renting of premises to Lowndes Street Food Limited . During the year ended 30 June 2022, Lowndes Street Patisserie Limited charged £360,000 (2021: £360,000) to Lowndes Street Food Limited . The company also incurred Head Office cost totalling £56,849 (2021: £38,414) from EL&N Ltd. As at year ended 30 June 2022 Lowndes Street Food Limited owed to:

	2022	2021
	£	£
Racine Restaurants Limited	216,906	253,928
Lowndes Street Patisserie Limited	377,031	475,929
EL&N Retail Limited	64,358	12,670

As at year ended 30 June 2022 Lowndes Street Food Limited was owed by:

	2022	2021
	£	£
EL&N Limited	16,697	32,891

All these companies are connected by virtue of a common directorship.

9. Controlling party

The Ultimate parent company of Lowndes Street Food Limited is Racine Restaurants Limited.

10. Secured debt

The bank loan of the parent company, Racine Restaurants Limited is also secured by fixed and floating charges over all the assets and undertakings of the company.

11. Going concern

The director has prepared the financial statements on the going concern basis, which assumes that the Company will continue to operate for the foreseeable future.

In making this assessment, the director has considered the Company's current financial position, its liquidity and cash flow position, the economic environment, and its future plans and projections, including the impact of the post COVID-19 pandemic. Based on this assessment, the director has a reasonable expectation that the Company will be able to meet its liabilities as and when they fall due and will continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements; therefore a going concern basis is appropriate for preparing of the financial statements for the year ended 30 June 2022.