Company Registration No. 10075697 (England and Wales)
COYA ANGEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
COYA ANGEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
COYA ANGEL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,018,774
1,266,874
Current assets
Stocks
42,783
50,945
Debtors
5
161,709
304,604
Cash at bank and in hand
109,398
723,579
313,890
1,079,128
Creditors: amounts falling due within one year
6
(1,507,874)
(1,823,075)
Net current liabilities
(1,193,984)
(743,947)
Total assets less current liabilities
(175,210)
522,927
Creditors: amounts falling due after more than one year
7
(288,167)
(307,167)
Net (liabilities)/assets
(463,377)
215,760
Capital and reserves
Called up share capital
8
666,707
666,707
Profit and loss reserves
(1,130,084)
(450,947)
Total equity
(463,377)
215,760
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 September 2021 and are signed on its behalf by:
T Tang
Director
Company Registration No. 10075697
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Coya Angel Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 Market Yard Mews, 194-204 Bermondsey Street, London, United Kingdom, SE1 3TQ.
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 directors have considered the effect of the Covid-19 pandemic on the activities of the company. The restaurant has followed the guidelines announced by the UK government as part of their emergency procedures and has been closed during periods of lockdown during 2020 and 2021. When the restaurant has been open during the year it has been trading at a reduced level due to capacity limits. Following the announcement by the UK government of the roadmap out of lockdown in Spring 2021 the restaurant has reopened again and at the date of approval of these financial statements is trading without restrictions.
The directors consider that the pandemic gives rise to an uncertain environment in which to operate. If there were further periods of lockdown in the future the directors expect this to have a significant effect on the business activities of the company. The directors have made use of the available schemes provided by the government to support the company and are actively managing the resources of the company by negotiating with the landlord, suppliers or other parties. Based on this and the committed support of the shareholders and group companies operating overseas, they expect the company to have sufficient resources to continue trading and meet its liabilities for at least 12 months from the date of approval of these financial statements. Therefore the directors have continued to adopt the going concern basis in these financial statements.
1.3
Turnover
Turnover represents the sale of food and drinks in the restaurant, net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings
Over the lease term
Plant and machinery
25% on cost
Fixtures and fittings
25% on cost
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
.
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price
. The cost of stock includes the purchase of food, beverages and tobacco products.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
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.
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 and loans from
fellow group companies
,
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 receipts 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.
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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.
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.
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants, which include amounts received under the Coronavirus Job Retention Scheme, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
1.14
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Useful life of Tangible Fixed Assets
The company, due to the nature of operations, invests heavily in leasehold improvements and other fixtures and fittings at the restaurant. As a result of this, is is necessary to make estimations of the useful lives of the capitalised assets. The estimation of the useful life of the asset is made based on historic trends and judgements relating to the timing of purchase of replacements and refurbishments. This is reviewed internally on a regular basis.
Valuation of accrued expenses
The company operates in the restaurant industry and as a result has a cost base consisting of significant levels of staff costs. As a result of this, the company has significant level of accrued holiday days due to staff at the year end. When calculating this provision, the company considers the level of holiday owed to staff as well as the pay rate on an hourly or annual basis.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 49
(2019 - 61).
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2020
1,082,464
283,438
555,352
1,921,254
Additions
800
2,180
13,650
16,630
At 31 December 2020
1,083,264
285,618
569,002
1,937,884
Depreciation and impairment
At 1 January 2020
146,728
168,959
338,693
654,380
Depreciation charged in the year
52,027
70,943
141,760
264,730
At 31 December 2020
198,755
239,902
480,453
919,110
Carrying amount
At 31 December 2020
884,509
45,716
88,549
1,018,774
At 31 December 2019
935,736
114,479
216,659
1,266,874
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
896
17,184
Amounts owed by group undertakings
101,516
182,778
Other debtors
1,136
1,136
Prepayments and accrued income
58,161
103,506
161,709
304,604
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
71,355
204,420
Amounts owed to group undertakings
526,247
654,010
Taxation and social security
187,914
218,653
Other creditors
322,125
445,942
Accruals and deferred income
400,233
300,050
1,507,874
1,823,075
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
288,167
307,167
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
400,024 Ordinary A shares of £1 each
400,024
400,024
266,683 Ordinary B shares of £1 each
266,683
266,683
666,707
666,707
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
4,067,678
4,242,666
A guarantee has been made by a fellow subsidiary undertaking to the landlord, to cover the full rental expense if the company is unable to fulfil it's obligation to the landlord.
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
10
Related party transactions
As at 31 December 2020, the company owed £526,247 (2019: £660,002) to fellow group undertakings. Of this amount £497,063 (2019: £654,010) is a shareholder loan owed to the parent company, with a capital repayment of £156,948 (2019: £170,500) being made in the year.
As at 31 December 2020, the company was owed £101,516 (2019: 182,778) by fellow group undertakings.
As at 31 December 2020, the company owed £293,319 (2019: £387,484) in shareholder loans. Repayments totalling £94,165 (2019: £112,500) were made in the year.
During the year employee wages were cross charged between the company and fellow group companies. The net effect of these cross charges was an expense of £60,355 (2019: £102,197).
11
Parent company
The immediate parent company and the smallest group for which consolidated financial statements are prepared is Dream International B.V., a company registered in The Netherlands, which has a registered office of Oranje Nassaulaan 12, 1075 AN Amsterdam, The Netherlands.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was qualified and the auditor reported as follows:
Qualified opinion on financial statements
We have audited the financial statements of Coya Angel Limited
(the 'company')
for the
year
ended 31 December 2020 which comprise
, the Balance Sheet and notes to the financial statements, including significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
During the year, the company received advanced deposits from customers for bookings and events to occur after 31 December 2020. We were unable to obtain sufficient appropriate audit evidence to confirm the existence or completeness of deferred income amounting to £15,425 relating to such deposits included within creditors due within one year, because the directors did not maintain an accurate and reliable list of such deposits. Consequently, we were unable to determine whether any adjustments were necessary to deferred income and revenue.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
COYA ANGEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
12
Audit report information
(Continued)
- 9 -
The senior statutory auditor was Mandy Janes.
The auditor was HW Fisher LLP.