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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Geales Restaurant Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Geales Restaurant Limited |
Geales Restaurant Limited (Registered number: 03631100) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Geales Restaurant Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Geales Restaurant Limited (Registered number: 03631100) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Geales Restaurant Limited (Registered number: 03631100) |
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Balance Sheet - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Geales Restaurant Limited is a
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and Wales. The company's registered number and registered office address can be found |
on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is derived from ordinary activities and represents the net sales of food, beverage, |
hospitality and restaurant services provided, excluding value added tax. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment |
losses. |
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Patents and licences have been fully amortised evenly over their estimated useful life. |
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Tangible fixed assets |
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Short leasehold 10% on cost |
Long leasehold 20% on cost |
Plant & machinery 20% on cost |
Computer equipment 20% on cost |
Fixture & fittings 10% on cost |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Leases are classified as finance leases when they transfer substantially all the risks and |
rewards of ownerships of the leased assets to the company. Other leases that do not |
transfer substantially all the risks and rewards of ownership of the leased assets to the |
company are classified as operating leases. |
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The company has entered into some hire purchase agreements for certain assets that |
include the option to purchase the items at the end of the lease term for a nominal amount, |
which is expected to be much lower than their fair value at that date. The hire purchase |
agreements have been classified as finance leases as it is reasonably certain that the option |
will be exercised. |
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Rights to use assets and corresponding obligations to lessors under finance leases are |
recognised in the statement of financial position as assets and liabilities at the lower of fair |
value of the assets and the present balance of the minimum lease payments, determined at |
the inception of the lease. |
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Lease payments are apportioned between finance charges and reduction of outstanding |
lease liabilities using the effective interest method, so as to produce a constant rate of |
interest on the remaining balance of the liabilities. Finance charges are recognised in profit |
or loss. Assets held under finance leases are included in property, plant and equipment and |
are depreciated and reviewed for impairment in the same way as assets owned outright. |
Payments received under operating leases are recognised as income over lease term on a |
straight-line basis. |
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Going concern |
The company's liabilities exceed its assets by £427,797 [2015: £289,976). The company |
depends on the continuing financial support of its parent and associated companies and a |
director who has confirmed his ongoing financial support of the company and his ability to do |
so for the foreseeable future. For this reason the financial statements have been prepared |
on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts or finance |
leases are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2016 |
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Disposals | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | RELATED PARTY DISCLOSURES |
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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. |
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10. | ULTIMATE CONTROLLING PARTY |
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A J Taylor, M N J Fuller and R Smallwood, shareholders in the parent company Concept |
Venues Ltd. |
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11. | FIRST YEAR ADOPTION |
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There are no transitional adjustments from FRSSE (effective January 2015) for the year |
ending 31 December 2015 to FRS 102 Section 1A for the year ending 31 December 2016. |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional |
relief: |
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• | to determine existence of leases on basis of existing facts and circumstances; |
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to treat date of transition to FRS 102 as date on which capitalisation of borrowing costs
commences; |
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not to apply the requirements of paragraphs 20.15A to 20.25A in respect of lease
incentives. |