Company Registration No. 08092236 (England and Wales)
The Pasta Bar Specialists Ltd
Unaudited accounts
for the year ended 31 May 2019
The Pasta Bar Specialists Ltd
Unaudited accounts
Contents
The Pasta Bar Specialists Ltd
Company Information
for the year ended 31 May 2019
Company Number
08092236 (England and Wales)
Registered Office
14 JOHN DALTON STREET
MANCHESTER
M2 6JR
ENGLAND
The Pasta Bar Specialists Ltd
Statement of financial position
as at
31 May 2019
Tangible assets
429,327
489,411
Cash at bank and in hand
9,089
25,905
Creditors: amounts falling due within one year
(5,194,476)
(4,495,173)
Net current liabilities
(4,800,259)
(4,191,111)
Total assets less current liabilities
(4,370,932)
(3,701,700)
Creditors: amounts falling due after more than one year
-
(3,875)
Net liabilities
(4,370,932)
(3,705,575)
Called up share capital
1,190
1,190
Share premium
1,180,134
1,180,134
Profit and loss account
(5,552,256)
(4,886,899)
Shareholders' funds
(4,370,932)
(3,705,575)
For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 July 2021 and were signed on its behalf by
Gino D'Acampo
Director
Company Registration No. 08092236
The Pasta Bar Specialists Ltd
Notes to the Accounts
for the year ended 31 May 2019
The Pasta Bar Specialists Ltd is a private company, limited by shares, registered in England and Wales, registration number 08092236. The registered office is 14 JOHN DALTON STREET, MANCHESTER, M2 6JR, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 May 2019 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2017.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when all the following conditions are satisfied:
- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or too be incurred in respect of the transaction can be measured reliably.
Specifically, turnover from the sale of goods is recognised when goods are delivered and legal title is passed
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% Straight Line
Motor vehicles
25% Reducing Balance
Computer equipment
33% Straight Line
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise purchase, duty and carriage are based on the method most appropriate to the type of stock, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Provisions are made for obsolete, slow moving or defective items where appropriate.
The Pasta Bar Specialists Ltd
Notes to the Accounts
for the year ended 31 May 2019
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The accounts are presented in £ sterling.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2018
714,869
9,976
724,845
Additions
9,548
4,175
13,723
At 31 May 2019
724,417
14,151
738,568
At 1 June 2018
227,821
7,613
235,434
Charge for the year
71,378
2,429
73,807
At 31 May 2019
299,199
10,042
309,241
At 31 May 2019
425,218
4,109
429,327
At 31 May 2018
487,048
2,363
489,411
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Debtors: amounts falling due within one year
2019
2018
Accrued income and prepayments
370,616
262,016
The Pasta Bar Specialists Ltd
Notes to the Accounts
for the year ended 31 May 2019
6
Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
3,876
14,013
Trade creditors
632,228
489,057
Taxes and social security
24,250
5,510
Other creditors
3,375,906
3,199,230
Loans from directors
877,530
502,530
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Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
-
3,875
8
Share capital
2019
2018
Allotted, called up and fully paid:
90,000 Ordinary A shares of £0.01 each
900.00
900.00
7,500 Ordinary B shares of £0.01 each
75.00
75.00
21,531 Ordinary C shares of £0.01 each
215.31
215.31
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Transactions with related parties
Included within other creditors is an amount due to Bonta Italia Ltd of £17,345 (2018 - £34,691), a company in which G D'Acampo is a shareholder and director.
Also during the year Restaurant Bar and Grill Limited, a company in which V J Lord is a shareholder and director, paid expenses on behalf of the The Pasta Bar Specialists Ltd to the value of £262,759 (2018 -£324,662) Included within other creditors is an amount due to Restaurant Bar and Grill Limited of £2,521,559 (2018 - £2,258,800).
Also during the year Gino D'Acampo Worldwide Restaurants Limited, a company in which G D'Acampo and V J Lord are shareholders and directors, paid expenses on behalf of the The Pasta Bar Specialists Ltd to the value of £320,761 (2018 - £71,864). Included within other creditors is an amount due to Gino D'Acampo Worldwide Restaurants Limited of £433,214 (2018 - £112,453).
Included within other creditors are amounts due to S Walker of £877,530 (2018 - £502,530), a shareholder.
10
Average number of employees
During the year the average number of employees was 25 (2018: 25).