Harrogate Road Restaurants Limited 30/06/2017 iXBRL

Harrogate Road Restaurants Limited 30/06/2017 iXBRL

HARROGATE ROAD RESTAURANTS LIMITED - Company Information

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Company registration number: 08317124
Harrogate Road Restaurants Limited
Unaudited filleted financial statements
30 June 2017
Harrogate Road Restaurants Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Harrogate Road Restaurants Limited
Directors and other information
Directors Mr A S Cormack
Mr D A Hodkin
Company number 08317124
Registered office Roydhouse Farm
Sharp Lane
Almondbury
Huddersfield
HD4 6SX
Accountants Michael Bell & Co
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT
Bankers Natwest Bank
8 Market Place
Huddersfield
HD1 2AL
Harrogate Road Restaurants Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Harrogate Road Restaurants Limited
Year ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Harrogate Road Restaurants Limited for the year ended 30 June 2017 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Harrogate Road Restaurants Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Harrogate Road Restaurants Limited and state those matters that we have agreed to state to the board of directors of Harrogate Road Restaurants Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harrogate Road Restaurants Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Harrogate Road Restaurants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Harrogate Road Restaurants Limited. You consider that Harrogate Road Restaurants Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Harrogate Road Restaurants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Michael Bell & Co
Chartered Accountants
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT
27 March 2018
Harrogate Road Restaurants Limited
Statement of financial position
30 June 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 422,886 520,367
_______ _______
422,886 520,367
Current assets
Stocks 10,988 14,239
Debtors 6 99,556 52,432
Cash at bank and in hand 50,973 697
_______ _______
161,517 67,368
Creditors: amounts falling due
within one year 7 ( 1,002,507) ( 710,621)
_______ _______
Net current liabilities ( 840,990) ( 643,253)
_______ _______
Total assets less current liabilities ( 418,104) ( 122,886)
_______ _______
Net liabilities ( 418,104) ( 122,886)
_______ _______
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account ( 618,104) ( 322,886)
_______ _______
Shareholders deficit ( 418,104) ( 122,886)
_______ _______
For the year ending 30 June 2017 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.
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 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.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2018 , and are signed on behalf of the board by:
Mr A S Cormack
Director
Company registration number: 08317124
Harrogate Road Restaurants Limited
Notes to the financial statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Roydhouse Farm, Sharp Lane, Almondbury, Huddersfield, HD4 6SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
Computer harware - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
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.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 or 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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 19 (2016: 17 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Computer Hardware Total
£ £ £ £ £
Cost
At 1 July 2016 487,976 68,034 244,009 3,563 803,582
Additions - - - 1,443 1,443
_______ _______ _______ _______ _______
At 30 June 2017 487,976 68,034 244,009 5,006 805,025
_______ _______ _______ _______ _______
Depreciation
At 1 July 2016 150,259 44,091 86,600 2,265 283,215
Charge for the year 60,142 4,484 32,966 1,332 98,924
_______ _______ _______ _______ _______
At 30 June 2017 210,401 48,575 119,566 3,597 382,139
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2017 277,575 19,459 124,443 1,409 422,886
_______ _______ _______ _______ _______
At 30 June 2016 337,717 23,943 157,409 1,298 520,367
_______ _______ _______ _______ _______
6. Debtors
2017 2016
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 48,675 17,859
Other debtors 50,881 34,573
_______ _______
99,556 52,432
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts - 19,320
Trade creditors 80,140 39,966
Social security and other taxes 9,734 47,738
Other creditors 912,633 603,597
_______ _______
1,002,507 710,621
_______ _______
8. Related party transactions
The company is related to Knaresborough Investments Ltd, a company under the control of a shareholder of the parent company. During the year loans amounting to £212,000 were provided to the company by Knaresborough Investments Ltd. At 30 June 2017, the company owed Knaresborough Investments Ltd £227,343 (2016: £15,344) and has been included within creditors.The company is related to the shareholders of the parent company. During the year the company received additional interest free loans amounting to £220,000 from these shareholders. At 30 June 2017, the company owed £679,680 (2016: £559,680) and is included within creditors .
9. Controlling party
The company is under the control of the directors, and there is no individual who has a controlling interest in the company.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.