Edinburgh Restaurant (Edinburgh) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC400655 (Scotland)

Edinburgh Restaurant (Edinburgh) Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Radford

L A Radford

REGISTERED OFFICE:

10 Lady Lawson Street

Edinburgh

EH3 9DS

REGISTERED NUMBER:

SC400655 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Santander UK plc

Bootle

Merseyside

L30 4GB

SOLICITORS:

Shepherd and Wedderburn LLP

5th Floor, 1 Exchange Crescent

Conference Square

Edinburgh

EH3 8UL

FIXED ASSETS

Intangible assets

4

12,759

13,740

Tangible assets

5

168,168

117,093

180,927

130,833

CURRENT ASSETS

Stocks

257,162

179,163

Debtors

6

132,571

80,434

Cash at bank and in hand

249,760

284,831

639,493

544,428

CREDITORS

Amounts falling due within one year

7

348,578

317,110

NET CURRENT ASSETS

290,915

227,318

TOTAL ASSETS LESS CURRENT LIABILITIES

471,842

358,151

CREDITORS

Amounts falling due after more than one year

8

(161,995

)

(210,717

)

PROVISIONS FOR LIABILITIES

(15,574

)

(9,461

)

NET ASSETS

294,273

137,973

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

294,173

137,873

SHAREHOLDERS' FUNDS

294,273

137,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by:

L A Radford - Director

1.	STATUTORY INFORMATION

Edinburgh Restaurant (Edinburgh) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover and recognition

Turnover represents net sales of restaurant food and drink, excluding value added tax. Turnover is recognised at the point of sale.

Intangible assets

Amortisation is provided for the lease premium over the term of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2022

and 31 July 2023

24,535

AMORTISATION

At 1 August 2022

10,795

Charge for year

981

At 31 July 2023

11,776

NET BOOK VALUE

At 31 July 2023

12,759

At 31 July 2022

13,740

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2022

89,468

245,961

335,429

Additions

34,186

58,628

92,814

Disposals

(5,672

)

(23,589

)

(29,261

)

At 31 July 2023

117,982

281,000

398,982

DEPRECIATION

At 1 August 2022

34,395

183,941

218,336

Charge for year

4,464

32,126

36,590

Eliminated on disposal

(3,273

)

(20,839

)

(24,112

)

At 31 July 2023

35,586

195,228

230,814

NET BOOK VALUE

At 31 July 2023

82,396

85,772

168,168

At 31 July 2022

55,073

62,020

117,093

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

4,617

-

Amounts owed by participating interests

38,980

-

Other debtors

88,974

80,434

132,571

80,434

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

45,667

39,200

Trade creditors

62,443

97,899

Amounts owed to participating interests

143

-

Taxation and social security

137,615

83,795

Other creditors

102,710

96,216

348,578

317,110

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

86,361

135,083

Other creditors

75,634

75,634

161,995

210,717

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

56,683

9.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

50,000

50,000

Between one and five years

200,000

200,000

In more than five years

400,000

450,000

650,000

700,000

Lease payments during the year recognised as an operating expense total £50,000 (2022: £50,000)

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023

2022

£

£

B Radford

Balance outstanding at start of year

18,751

12,467

Amounts advanced

7,782

11,249

Amounts repaid

-

(4,965

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

26,533

18,751

J Radford

Balance outstanding at start of year

22,520

(3,118

)

Amounts advanced

16,460

29,788

Amounts repaid

(38,980

)

(4,150

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

22,520

L A Radford

Balance outstanding at start of year

-

-

Amounts advanced

4,357

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,357

-

Director's loans are unsecured and repayable on demand. Interest is charged on loans repayable to the company at 2% and 2.25% per annum. Loans repayable by the company are interest free.

11.	RELATED PARTY DISCLOSURES

The company has advanced loans to shareholders other than the directors. The loans are unsecured and have no fixed terms of repayment. Interest is charged at 2% and 2.25% on overdrawn balances. The balance due from shareholders at 31 July 2023 was £38,837 (2022: Due to share holders £3,199).

Expenses were paid on behalf of a related company during the year to 31 July 2023 totalling £39,578 (2022: £nil). The balance due by the related company at 31 July 2023 was £36,938 (2022: £Nil).