ST PANCRAS PATISSERIE LIMITED Filleted accounts for Companies House (small and micro)

ST PANCRAS PATISSERIE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11878848

ST PANCRAS PATISSERIE LIMITED

Filleted Financial Statements

30 June 2022

ST PANCRAS PATISSERIE LIMITED

Statement of Financial Position

30 June 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	838,960	971,100

Current assets

Stocks		33,237	6,546
Debtors	6	183,032	248,327
Cash at bank and in hand		31,473	30,573
		---------	---------
		247,742	285,446

Creditors: amounts falling due within one year	7	1,365,756	1,391,482
		------------	------------
Net current liabilities		1,118,014	1,106,036
		------------	------------
Total assets less current liabilities		( 279,054)	( 134,936)
		---------	---------
Net liabilities		( 279,054)	( 134,936)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 279,154)	( 135,036)
	---------	---------
Shareholders deficit	( 279,054)	( 134,936)
	---------	---------

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: 11878848

ST PANCRAS PATISSERIE 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Short leasehold property	-	Over the lease term
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Equipment	-	15% reducing balance

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.

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 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. 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 (see hedge accounting policy). 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 18 (2021: 10 ).

5. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 July 2021	982,885	128,595	25,216	4,909	1,141,605
Additions	10,294	4,371	–	–	14,665
	---------	---------	--------	-------	------------
At 30 June 2022	993,179	132,966	25,216	4,909	1,156,270
	---------	---------	--------	-------	------------
Depreciation
At 1 July 2021	146,612	19,289	3,782	822	170,505
Charge for the year	126,325	16,649	3,215	616	146,805
	---------	---------	--------	-------	------------
At 30 June 2022	272,937	35,938	6,997	1,438	317,310
	---------	---------	--------	-------	------------
Carrying amount
At 30 June 2022	720,242	97,028	18,219	3,471	838,960
	---------	---------	--------	-------	------------
At 30 June 2021	836,273	109,306	21,434	4,087	971,100
	---------	---------	--------	-------	------------

6. Debtors

	2022	2021
	£	£
Trade debtors	6,752	–
Other debtors	176,280	248,327
	---------	---------
	183,032	248,327
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	74,147	223,583
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,257,281	1,131,162
Social security and other taxes	13,057	10,694
Other creditors	21,271	26,043
	------------	------------
	1,365,756	1,391,482
	------------	------------

8. Controlling party:

The Ultimate parent company of St Pancras Patisserie Limited is Racine Restaurants Limited.

9. 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 13 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 .

10. Related party transactions

As at year ended 30 June 2022 St Pancras Patisserie Limited owed to:

	2022	2021
	£	£
Racine Restaurants Limited	1,072,220	1,053,821
EL&N Limited	80,616	57,081
EL&N Retail Limited	104,409	20,260
EL&N International Limited	36	–

During the year ended 30 June 2022, St Pancras Patisserie Limited incurred Head office cost of £56,850 (2021: £38,414) from EL&N Limited. All these companies are connected by virtue of a common directorship.

11. 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.

12. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

		2022
		£
	Within one year	412,000

13. 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.