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

HERBEL RESTAURANTS LIMITED - Company Information

0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,569,939 3,823,413 2,813,812 152,476 7,427,064 7,427,064 6,569,939 1,264,021 2 1,264,021 2 1,263,880 1,263,880 2 141 xbrli:pure xbrli:shares iso4217:GBP NI014639 2022-01-01 2022-12-31 NI014639 2022-12-31 NI014639 2021-12-31 NI014639 2021-01-01 2021-12-31 NI014639 2021-12-31 NI014639 2020-12-31 NI014639 bus:RegisteredOffice 2022-01-01 2022-12-31 NI014639 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 NI014639 bus:Agent1 2022-01-01 2022-12-31 NI014639 bus:Director1 2022-01-01 2022-12-31 NI014639 bus:Director2 2022-01-01 2022-12-31 NI014639 bus:Director3 2022-01-01 2022-12-31 NI014639 bus:CompanySecretary1 2022-01-01 2022-12-31 NI014639 core:WithinOneYear 2022-12-31 NI014639 core:WithinOneYear 2021-12-31 NI014639 core:LandBuildings core:ShortLeaseholdAssets 2022-01-01 2022-12-31 NI014639 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 NI014639 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 NI014639 core:ShareCapital 2022-12-31 NI014639 core:ShareCapital 2021-12-31 NI014639 core:CapitalRedemptionReserve 2022-12-31 NI014639 core:CapitalRedemptionReserve 2021-12-31 NI014639 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI014639 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI014639 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 NI014639 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-12-31 NI014639 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2022-12-31 NI014639 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 NI014639 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2021-12-31 NI014639 core:DisposalsDecreaseInProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2022-12-31 NI014639 core:Non-currentFinancialInstruments 2022-12-31 NI014639 core:Non-currentFinancialInstruments 2021-12-31 NI014639 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 NI014639 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 NI014639 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 NI014639 bus:Director1 2021-12-31 NI014639 bus:Director1 2020-12-31 NI014639 bus:SmallEntities 2022-01-01 2022-12-31 NI014639 bus:Audited 2022-01-01 2022-12-31 NI014639 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 NI014639 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 NI014639 bus:FullAccounts 2022-01-01 2022-12-31

COMPANY REGISTRATION NUMBER: NI014639

Herbel Restaurants Limited

Filleted Financial Statements

31 December 2022

Herbel Restaurants Limited

Financial Statements

Year ended 31 December 2022

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 9

Herbel Restaurants Limited

Officers and Professional Advisers

The board of directors	Mr M A Herbert
	Mrs L E Herbert
	Mr J Carlisle

Company secretary	Mr M A Herbert

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Auditor	Maneely Mc Cann Chartered Accountants
	Chartered Accountants & Statutory Auditors
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Bank of Ireland
	1 Donegall Square South
	Belfast
	BT1 5LR

	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Solicitors	DWF (Northern Ireland) LLP
	Jefferson House
	42 Queen Street
	Belfast
	BT1 6HL

Herbel Restaurants Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4	7,427,064	6,569,939
Investments	5	2	141
		------------	------------
		7,427,066	6,570,080

Current assets

Stocks		1,813,901	–
Debtors	6	579,323	16,986
Cash at bank and in hand		104,893	94,761
		------------	---------
		2,498,117	111,747

Creditors: amounts falling due within one year	7	11,032,489		7,830,210
		-------------		------------
Net current liabilities			8,534,372	7,718,463
			------------	------------
Total assets less current liabilities			( 1,107,306)	( 1,148,383)
			------------	------------
Net liabilities			( 1,107,306)	( 1,148,383)
			------------	------------

Capital and reserves

Called up share capital	177,500	177,500
Capital redemption reserve	322,500	322,500
Profit and loss account	( 1,607,306)	( 1,648,383)
	------------	------------
Shareholders deficit	( 1,107,306)	( 1,148,383)
	------------	------------

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 directors acknowledge their 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 5 June 2023 , and are signed on behalf of the board by:

Mr J Carlisle

Director

Company registration number: NI014639

Herbel Restaurants Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

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

These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had net current liabilities of £8.534,372 (2021: £7,718,463) and a net shareholder's deficit of £1,107,306 (2021: £1,148,383) at the balance sheet date. The company, along with other members of the group, have the necessary cash cover to meet its ongoing non-secured creditor obligations and liabilities for the foreseeable future. In light of the above, the director considers it appropriate to prepare the financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Group accounts The company is entitled to the exemption under Section 400 of the Companies Act 2006 from the obligation to prepare group accounts. Turnover Turnover represents the total amounts derived from sales in the course of the company's retail activities, from rentals receivable on lettings to third party tenants and from the sale of trading property. Turnover from retail activities is recognised on the date of supply; turnover from rentals accrues on a time basis by reference to the agreements entered; turnover from property sales is recognised on the date of completion. There was no turnover during the period.

Income tax

Corporation tax is calculated on the results for the period. Tax deferred as a result of timing differences between accounting and taxation profits is provided for in full in respect of deferred tax liabilities with the exception of differences arising from the revaluation of fixed assets, where there is no binding agreement to sell the asset at the balance sheet date and where the gain or loss on such a sale has not been recognised in the financial statements. The provision is made at the taxation rates at which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable. Tax arising on the sale of revalued assets is allocated on a pro rata basis between any gain reported in the profit and loss account and the revaluation gains reported previously in the statement of total recognised gains and losses.

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 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. Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Land & buildings Land and buildings, other than investment property, are revalued in accordance with FRS 102, and any surplus or deficits thereon are credited to a revaluation reserve. Deficits arising are charged to the income statement if not exceeded by previous revaluation surpluses and if the deficit is not considered to be temporary. The annual depreciation charge which would be necessary to write down the book value of the assets to residual value is considered to be immaterial and is therefore not provided for. An impairment review is carried out at each balance sheet date and any impairment in value is recognised in accordance with FRS 102.

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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

Retail stock Retail stocks are stated at the lower of cost incurred in bringing the product to its present location and condition, and net realisable value. Cost is based on the purchase price of food and wrapping stocks, including directly attributable costs. Net realisable value is the price at which the stock can be realised in the normal course of business. Provision is made where necessary for obsolete and slow moving items. Trading property stock Trading property stock is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each property or site to its present location and condition. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

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. 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. 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.

4. Tangible assets

	Investment property
	£
Cost or valuation
At 1 January 2022	6,569,939
Additions	3,823,413
Disposals	( 2,813,812)
Revaluations	( 152,476)
	------------
At 31 December 2022	7,427,064
	------------
Depreciation
At 1 January 2022 and 31 December 2022	–
	------------
Carrying amount
At 31 December 2022	7,427,064
	------------
At 31 December 2021	6,569,939
	------------

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Investment property
	£
At 31 December 2022
Aggregate cost	7,579,540
Aggregate depreciation	–
	------------
Carrying value	7,579,540
	------------

At 31 December 2021
Aggregate cost	6,569,939
Aggregate depreciation	–
	------------
Carrying value	6,569,939
	------------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2022	1,264,021
Additions	2
Disposals	( 1,264,021)
	------------
At 31 December 2022	2
	------------
Impairment
At 1 January 2022	1,263,880
Disposals	( 1,263,880)
	------------
At 31 December 2022	–
	------------

Carrying amount
At 31 December 2022	2
	------------
At 31 December 2021	141
	------------

6. Debtors

	2022	2021
	£	£
Trade debtors	38,805	15,693
Amounts owed by group undertakings and undertakings in which the company has a participating interest	532,000	–
Other debtors	8,518	1,293
	---------	--------
	579,323	16,986
	---------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	17,152	11,998
Amounts owed to group undertakings	9,736,530	6,509,214
Accruals and deferred income	113,348	25,892
Corporation tax	117,118	317,892
Social security and other taxes	52,555	10,535
Director loan accounts	20,195	20,195
Other creditors	975,591	934,484
	-------------	------------
	11,032,489	7,830,210
	-------------	------------

8. Summary audit opinion

The auditor's report for the period dated 5 June 2023 was unqualified .

An Emphasis of Matter paragraph was included in relation to Going Concern:

Material uncertainty related to going concern

We draw attention to note 3 in the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The Senior Statutory Auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .

9. Director's advances, credits and guarantees

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

	Balance brought forward and outstanding
	2022	2021
	£	£
Mr M A Herbert	( 20,195)	( 20,195)
	--------	--------

10. Related party transactions

Control The company is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland. Herbel Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales which is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings Limited and as such is considered to be the ultimate controlling party of the company. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 33, Related Party Disclosures.

11. Controlling party

Herbert Corporate Holdings Limited is the company's ultimate parent company. Copies of consolidated financial statements may be obtained from Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL .