Company Registration No. 05627423 (England and Wales)
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
BALANCE SHEET
AS AT 30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
5
23,497
29,655
Current assets
Stocks
13,487
17,438
Debtors
6
146,840
29,183
Cash at bank and in hand
88,012
196,663
248,339
243,284
Creditors: amounts falling due within one year
7
(67,550)
(60,209)
Net current assets
180,789
183,075
Total assets less current liabilities
204,286
212,730
Provisions for liabilities
9
(4,267)
(5,393)
Net assets
200,019
207,337
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
11
200,018
207,336
Total equity
200,019
207,337
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2018
30 November 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 August 2019
Mr Nathan Burkey
Director
Company Registration No. 05627423
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 3 -
1
Accounting policies
Company information
AT Restaurants Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lower Third Floor, Evelyn Suite, Quantum House, 22-24 Red Lion Court, London, EC4A 3EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services
derived from its principal activity
net of VAT.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over the term of the lease
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
Straight line 33%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits 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 in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2017 - 16).
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
-
7,309
Deferred tax
Origination and reversal of timing differences
(1,126)
241
Total tax (credit)/charge
(1,126)
7,550
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2017 and 30 November 2018
44,896
Amortisation and impairment
At 1 December 2017 and 30 November 2018
44,896
Carrying amount
At 30 November 2018
-
At 30 November 2017
-
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2017
19,181
88,523
107,704
Additions
-
1,253
1,253
At 30 November 2018
19,181
89,776
108,957
Depreciation and impairment
At 1 December 2017
11,689
66,362
78,051
Depreciation charged in the year
959
6,450
7,409
At 30 November 2018
12,648
72,812
85,460
Carrying amount
At 30 November 2018
6,533
16,964
23,497
At 30 November 2017
7,492
22,163
29,655
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
146,840
29,183
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 8 -
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
(23,212)
(10,938)
Corporation tax
-
7,309
Other taxation and social security
38,019
42,402
Other creditors
52,743
21,436
67,550
60,209
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
9
4,267
5,393
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
4,267
5,393
2018
Movements in the year:
£
Liability at 1 December 2017
5,393
Credit to profit or loss
(1,126)
Liability at 30 November 2018
4,267
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 9 -
11
Profit and loss reserves
2018
2017
£
£
At the beginning of the year
207,336
185,013
(Loss)/profit for the year
(7,318)
22,323
At the end of the year
200,018
207,336
12
Directors' transactions
Included within other debtors
,
amount of £126,146 due to Mr Nathan Burkey who is sole director of the company.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Mr Nathan Burkey -
2.50
-
125,000
1,146
126,146
-
125,000
1,146
126,146
13
Controlling party
The ultimate controlling party is the director and sole shareholder,Mr N Burkey.