Company Registration No. 05627423 (England and Wales)
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
15,219
20,096
Current assets
Stocks
15,587
13,145
Debtors
6
20,227
31,371
Cash at bank and in hand
111,800
129,281
147,614
173,797
Creditors: amounts falling due within one year
7
(107,724)
(80,780)
Net current assets
39,890
93,017
Total assets less current liabilities
55,109
113,113
Creditors: amounts falling due after more than one year
8
(50,000)
Provisions for liabilities
10
(2,759)
(3,656)
Net assets
2,350
109,457
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserves
12
2,349
109,456
Total equity
2,350
109,457
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 2020 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 2020
30 November 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 August 2021
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 2020
- 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
Going concern
The current COVID-19 pandemic has created uncertainty over the future financial implications to the worldwide economy. The government has taken steps to lift the lockdown restrictions for indoor hospitality and so the Director monitors the future possibility to trade without restrictions. Based on resources at this time the Director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover represents amounts receivable for services
derived from its principal activity
net of VAT.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
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
.
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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.
1.7
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 cost and replacement 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.
1.8
Cash and cash equivalents
Cash and cash equivalents
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.
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.9
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.
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.
1.10
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.
1.11
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 2020
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
11
13
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
(9,862)
9,862
Deferred tax
Origination and reversal of timing differences
(898)
(611)
Total tax (credit)/charge
(10,760)
9,251
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2019 and 30 November 2020
44,896
Amortisation and impairment
At 1 December 2019 and 30 November 2020
44,896
Carrying amount
At 30 November 2020
At 30 November 2019
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2019 and 30 November 2020
19,181
92,896
112,077
Depreciation and impairment
At 1 December 2019
13,607
78,374
91,982
Depreciation charged in the year
959
3,917
4,876
At 30 November 2020
14,566
82,292
96,858
Carrying amount
At 30 November 2020
4,615
10,604
15,219
At 30 November 2019
5,574
14,522
20,096
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
20,227
31,371
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
(44,272)
(25,224)
Corporation tax
9,862
Other taxation and social security
82,897
39,450
Other creditors
69,099
56,692
107,724
80,780
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
50,000
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 9 -
9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
10
2,759
3,656
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
2,759
3,656
2020
Movements in the year:
£
Liability at 1 December 2019
3,656
Credit to profit or loss
(897)
Liability at 30 November 2020
2,759
11
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
12
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
109,456
200,018
(Loss)/profit for the year
(107,107)
39,438
Dividends declared and paid in the year
-
(130,000)
At the end of the year
2,349
109,456
AT RESTAURANTS LIMITED
TRADING AS 'ABOUT THYME'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 10 -
13
Directors' transactions
Dividends totalling £0 (2019 - £130,000) were paid in the year in respect of shares held by the company's directors.
Included within other
creditors is an
amount of £
1,752
(2019: £1,752
) due to Mr Nathan Burkey who is
the
sole director of the company.
14
Controlling party
The ultimate controlling party is the director and sole shareholder,
Mr N Burkey.
2020-11-30
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false
18 August 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
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