PORRO_RESTAURANTS_LIMITED - Accounts

PORRO RESTAURANTS LIMITED - Company Information

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Company Registration No. 09146967 (England and Wales)

PORRO RESTAURANTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2016

PORRO RESTAURANTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PORRO RESTAURANTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

187,478

147,126

Current assets

Stocks

5,714

7,421

Debtors

15,956

7,807

Cash at bank and in hand

80,560

29,714

102,230

44,942

Creditors: amounts falling due within one year

(53,276)

(74,498)

Net current assets/(liabilities)

48,954

(29,556)

Total assets less current liabilities

236,432

117,570

Creditors: amounts falling due after more than one year

(292,048)

(127,000)

(55,616)

(9,430)

Capital and reserves

Called up share capital

100

Profit and loss account

(55,716)

(9,530)

Shareholders' funds

(55,616)

(9,430)

For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 12 October 2016

C Furlong

Director

Company Registration No. 09146967

PORRO RESTAURANTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

25% reducing balance

Plant and machinery

20% reducing balance

Fixtures, fittings & equipment

20% reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PORRO RESTAURANTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 August 2015

158,228

Additions

71,413

At 31 July 2016

229,641

Depreciation

At 1 August 2015

11,102

Charge for the year

31,061

At 31 July 2016

42,163

Net book value

At 31 July 2016

187,478

At 31 July 2015

147,126

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100

Notwithstanding the accumulated deficiency of net assets at the Accounts date the directors consider it appropriate to prepare the Accounts on a going concern basis because the loan from the director has been subordinated to other creditors to allow the company to continue trading.

Related party relationships and transactions

Mr M Abedi has loaned the company £67,518 interest free. Cardiff Food Ltd has loaned the company £77,155 against a profit sharing arrangement which has not yet come into effect because of accumulated losses