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

PITSTOP RESTAURANTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI604295

Pitstop Restaurants Limited

Filleted Unaudited Financial Statements

31 July 2022

Pitstop Restaurants Limited

Financial Statements

Year ended 31 July 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Pitstop Restaurants Limited

Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		308,610	325,249

Current assets

Stocks		6,000	6,000
Debtors	6	105,748	76,240
Cash at bank and in hand		26,579	113,209
		---------	---------
		138,327	195,449

Creditors: amounts falling due within one year	7	404,164		326,130
		---------		---------
Net current liabilities			265,837	130,681
			---------	---------
Total assets less current liabilities			42,773	194,568

Creditors: amounts falling due after more than one year	8		29,167	44,028

Provisions

Taxation including deferred tax	13,120	13,120
	--------	---------
Net assets	486	137,420
	--------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	484	137,418
	----	---------
Shareholders funds	486	137,420
	----	---------

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.

For the year ending 31 July 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 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 financial statements .

Pitstop Restaurants Limited

Statement of Financial Position (continued)

31 July 2022

These financial statements were approved by the board of directors and authorised for issue on 28 July 2023 , and are signed on behalf of the board by:

Mr S Smyth

Director

Company registration number: NI604295

Pitstop Restaurants Limited

Notes to the Financial Statements

Year ended 31 July 2022

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 49 High Street, Newtownards, BT23 7HS.

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

The company showed losses in the year to 31 July 2022 due to difficult post pandemic trading conditions in the hospitality and retail sector. The directors have carried out a cost restructuring exercise and are confident that they can return their results to a profitable position. On this basis the directors believe that it is appropriate to prepare these financial statements on a going concern basis. The financial statements are prepared in 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:

	Plant and equipment	-	20% straight line

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.

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.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 61 (2021: 61 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 August 2021	471,587	471,587
Additions	32,199	32,199
	---------	---------
At 31 July 2022	503,786	503,786
	---------	---------
Depreciation
At 1 August 2021	146,338	146,338
Charge for the year	48,838	48,838
	---------	---------
At 31 July 2022	195,176	195,176
	---------	---------
Carrying amount
At 31 July 2022	308,610	308,610
	---------	---------
At 31 July 2021	325,249	325,249
	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	12,238	7,637
Other debtors	93,510	68,603
	---------	--------
	105,748	76,240
	---------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	–	31,667
Trade creditors	285,963	215,354
Social security and other taxes	82,194	46,554
Other loans	14,861	–
Other creditors	21,146	32,555
	---------	---------
	404,164	326,130
	---------	---------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	29,167	44,028
	--------	--------

9. Related party transactions

During the year loans were extended to the directors in the amount of £14,000. These were outstanding at the year end and included in the note 7 to these financial statements.