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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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Geales Restaurant Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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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 2018 |
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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 2018 |
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DIRECTOR: |
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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 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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 2018 |
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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 director on
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 2018 |
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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 costs as less impairment. |
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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 2018 |
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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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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. |
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Going concern |
The company's liabilities exceed its assets by £740,552 [2017: £500,169). The company |
depends on the continuing financial support of its parent, associated companies and a |
director of the parent company who has confirmed their ongoing financial support of the |
company and their 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 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2018 |
and 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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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 2018 |
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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 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
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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Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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8. | RELATED PARTY DISCLOSURES |
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Concept Venues Ltd |
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The parent company. |
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During the year the company made net funding to Concept Venues Ltd of £13,404 (2017: |
the company received repayments from Concept Venues Ltd of £287,660). At the balance |
sheet date Concept Venues Ltd owes the company £750,877 (2017: £737,473). The |
amount is classified as a current debtor and is repayable on demand, no interest is charged. |
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Sanctum On The Green Ltd |
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A fellow subsidiary. |
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During the year the company made net funding to Sanctum On The Green Ltd of £3,875 |
(2017: Sanctum On The Green Ltd repaid £8,649). At the balance sheet date the company |
is owed £32,900 (2017: £29,025) by Sanctum On The Green Ltd. The amount is classified a |
current debtor and is repayable on demand, no interest is charged. |
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Sanctum London Ltd |
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A fellow subsidiary. |
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During the year the company received net funding from Sanctum London Ltd of £3,606 |
(2017: £934,668). At the balance sheet date the company owes Sanctum London Ltd |
£1,112,400 (2017: £1,058,794). The amount is classified as a current creditor and is |
repayable on demand, no interest is charged. |
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9. | ULTIMATE CONTROLLING PARTY |
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A J Taylor, M N J Fuller and R Smallwood, through share ownership in the parent company |
Concept Venues Ltd. |