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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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Geales Restaurant Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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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 2019 |
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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 2019 |
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DIRECTOR: |
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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 2019 |
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31.12.19 | 31.12.18 |
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 | 7 |
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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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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 2019 |
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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 and authorised for issue on
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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 2019 |
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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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When cash inflows are deferred and represent a financing arrangement, the fair value of the |
consideration is the present value of the future receipts. The difference between the fair |
value of the consideration and the normal amount received is recognised as interest |
income. |
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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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Tangible Assets are stated at cost less accumulated depreciation: |
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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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Tangible fixed assets are initially measured at cost and subsequently measured at cost, net |
of depreciation and any impairment losses. |
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On disposal, the difference between the net disposal proceeds and the carrying amount of |
the item sold is recognised in profit or loss. |
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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 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the |
recognition of financial assets and liabilities like trade and other accounts receivable and |
payable, loans from banks and other third parties, loans to related parties and other third |
parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of |
each reporting period for objective evidence of impairment. If objective evidence of |
impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the |
difference between an asset's carrying amount and the present value of estimated cash |
flows discounted at the asset's original effective interest rate. If a financial asset has a |
variable interest rate, the discount rate for measuring any impairment loss is the current |
effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as |
the difference between an asset's carrying amount and the best estimate, which is an |
approximation, of the amount that the company would receive for the asset if it were to be |
sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of |
financial position when there is an enforceable right to set off the recognised amounts and |
there is an intention to settle on a net basis or to realise the asset and settle the liability |
simultaneously. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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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. |
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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. |
Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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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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A lease is classified as a finance lease if it transfers substantially all the risks and rewards |
incidental to ownership. All other leases are classified as operating leases. |
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The rights of use and obligations under finance leases are initially recognised as assets and |
liabilities at amounts equal to the fair value of the leased assets or, if lower, the present |
value of the minimum lease payments. |
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Minimum lease payments are apportioned between the finance charge and the reduction in |
the outstanding liability using the effective interest rate method. The finance charge is |
allocated to each period during the lease so as to produce a constant periodic rate of |
interest on the remaining balance of the liability. |
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Leased assets are depreciated in accordance with the company's policy for tangible fixed |
assets. If there is no reasonable certainty that ownership will be obtained at the end of the |
lease term, the asset is depreciated over the lower of the lease term and its useful life. |
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Operating lease payments are recognised as an expense on a straight line basis over the |
lease term. |
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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. |
Geales Restaurant Limited (Registered number: 03631100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The company's liabilities exceed its assets by £983,820 [2018: £740,552). 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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Debtors and creditors |
Short term debtors, classified as receivable in one year, are measured at transaction price, |
less any impairment. Loans receivable are measured initially at fair value, net of transaction |
costs, and are measured subsequently at amortised cost using the effective interest method, |
less any impairment. |
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Short term creditors, classified as payable in one year, are measured at the transaction |
price. Other financial liabilities including bank loans, are measured initially at fair value, net |
of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method. |
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Impairment of non-financial instruments |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, |
property and equipment, are reviewed to determine whether there is an indication that an |
asset may be impaired. If there is an indication of possible impairment, the recoverable |
amount of any asset or group of related assets, which is the higher of value in use and the |
fair value less cost to sell, is estimated and compared with its carrying amount. If the |
recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable |
amount and an impairment loss is recognised immediately in profit or loss. |
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Inventories are also assessed for impairment at each reporting date. The carrying amount of |
each item of inventory, or group of similar items, is compared with its selling price less costs |
to complete and sell. If an item of inventory or group of similar items is impaired, its carrying |
amount is reduced to selling price less costs to complete and sell, and an impairment loss is |
recognised immediately in profit or loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of |
elated assets is increased to the revised estimate of its recoverable amount, but not to |
exceed the amount that would have been determined had no impairment loss been |
recognised for the asset or group of related assets in prior periods. A reversal of an |
impairment loss is recognised immediately in profit or loss. |
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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 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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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 2019 |
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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 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CASH AT BANK AND IN HAND |
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Cash at bank and in hand are basic financial assets and include cash in hand, despoils held |
at call with banks, other short-term liquid investments with original maturities of three months |
or less, and bank overdrafts. Bank overdrafts are shown within borrowings under current |
liabilities. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
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 2019 |
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9. | 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 £NIL (2018: |
£13,404). During the year Concept Venues Ltd repaid the company £78,396. At the |
balance sheet date Concept Venues Ltd owes the company £672,481 (2018: £750,877). |
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 £NIL |
(2018: £3,875). At the balance sheet date the company is owed £32,900 (2018: £32,900) 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 £89,111 |
(2018: £3,606). At the balance sheet date the company owes Sanctum London Ltd |
£1,201,511 (2018: £1,112,400). The amount is classified as a current creditor and is |
repayable on demand, no interest is charged. |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is the parent company Concept VenuesLtd. |
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The Ultimate controlling parties are A J Taylor and M N J Fuller through their share |
ownership in the parent company Concept Venues Ltd (A Company registered in England |
and Wales). |