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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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M & C RESTAURANTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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M & C RESTAURANTS LIMITED |
M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
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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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M & C RESTAURANTS 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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M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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BALANCE SHEET |
31 December 2016 |
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2016 | 2015 |
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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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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. |
M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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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
by: |
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M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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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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M & C Restaurants Limited is a private company, limited by shares, registered in England 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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The impact on the financial statements from transition to FRS 102 has been disclosed in the notes to the financial |
statements. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates and |
these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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The items in the financial statements where these judgements and estimates have been made include the useful |
economic life of intangible and tangible fixed assets, the depreciation and amortisation of these assets. |
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Turnover |
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. |
Revenue from the sale of goods/services is recognised at the point of sale. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 1997. Each franchise was |
being amortised evenly over its estimated useful life of 13 and 20 years up to 31 December 2015. Under FRS |
102 Section 1A, from 1 January 2016 goodwill is being amortised evenly over its remaining useful life of 2 |
years. |
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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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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating |
as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Franchise lease | - | over the period of the lease |
Captive insurance scheme share | - | not provided |
IMprovements to property | - | over the period of the lease |
Plant and machinery | - | 10% on cost |
Fixtures and fittings | - | 10% on cost |
Motor vehicles | - | 15% on 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. |
M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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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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Financial instruments |
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 entity after deducting all of its financial liabilities. |
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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 between the carrying amounts of assets and |
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. |
The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or |
substantively enacted by the end of the reporting period. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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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 |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the |
company has adequate resources to continue in existence for the foreseeable future. The company therefore |
continues to adopt the going concern basis in preparing its financial statements. |
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Impairment policy |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is |
any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable |
amount of an 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 asset, the Company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
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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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M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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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 |
Goodwill |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Amortisation 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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5. | TANGIBLE FIXED ASSETS |
Captive |
insurance | Improvements |
Franchise | scheme | to |
lease | share | property |
£ | £ | £ |
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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M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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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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Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | 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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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Bank loans |
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9. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax | 115,602 | 106,844 |
M & C RESTAURANTS LIMITED (REGISTERED NUMBER: 06165894) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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9. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 January 2016 |
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Accelerated capital allowances | 8,758 |
Balance at 31 December 2016 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | 1 | 100 | 100 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
31 December 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is M Mohammadi due to the fact that he owns 75% of the issued share capital. |
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13. | FIRST YEAR ADOPTION |
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On transition to FRS 102 the entity's accounting policies applied under the entity's previous accounting |
framework are not materially different to FRS 102 and have not impacted on equity or profit or loss. |
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