Company registration number 10200294 (England and Wales)
STREAT MARKETS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
STREAT MARKETS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
STREAT MARKETS LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2020
£
£
£
£
Fixed assets
Intangible assets
3
24,400
15,417
Tangible assets
4
4,133,379
3,895,111
4,157,779
3,910,528
Current assets
Stocks
76,128
76,128
Debtors
5
812,596
583,189
Cash at bank and in hand
133
133
888,857
659,450
Creditors: amounts falling due within one year
6
(14,455,061)
(10,866,163)
Net current liabilities
(13,566,204)
(10,206,713)
Net liabilities
(9,408,425)
(6,296,185)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(9,408,525)
(6,296,285)
Total equity
(9,408,425)
(6,296,185)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period 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.
The financial statements were approved by the board of directors and authorised for issue on 31 March 2023 and are signed on its behalf by:
D Panchal
Director
Company Registration No. 10200294
STREAT MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Streat Markets Limited is a private company by shares incorporated in England and Wales. The registered office is Elsley Court, 20-22 Great Titchfield Street, London, United, Kingdom,W1W 8BE.
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 company's functional and presentational currency is pound sterling.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has sufficient support from its directors, shareholder and creditors. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.
1.3
Reporting period
The previous accounting year was a 12 month period ending 31 December 2020 as compared to current year which is a 15 month period ending 31 March 2022. Periods are therefore not entirely comparable.
1.4
Turnover
Turnover comprises revenue recognised by the company in respect of catering services during the year, exclusive of Value Added Tax.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
Over 5 years
Patents & licences
Over 5 years
Other intangible
Over 5 years
1.6
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
STREAT MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
Leasehold improvements
Over the term of the lease
Fixtures and fittings
Over 5 years
Computers
Over 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
1.7
Borrowing costs related to fixed assets
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
1.8
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
1.9
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.
1.10
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
STREAT MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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.
1.15
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average monthly number of persons employed by the company during the period was:
2022
2020
Number
Number
Total
2
2
3
Intangible fixed assets
Other
Other intangible
Total
£
£
£
Cost
At 1 January 2021 and 31 March 2022
30,979
19,000
49,979
Amortisation
At 1 January 2021
8,270
26,291
34,561
Amortisation charged for the period
6,196
(15,178)
(8,982)
At 31 March 2022
14,466
11,113
25,579
Carrying amount
At 31 March 2022
16,513
7,887
24,400
At 31 December 2020
22,708
(7,291)
15,417
STREAT MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 5 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2021
2,875,445
1,780,692
96,712
4,752,849
Additions
778,586
778,586
At 31 March 2022
2,875,445
2,559,278
96,712
5,531,435
Depreciation
At 1 January 2021
228,583
574,401
32,900
835,884
Depreciation charged in the period
115,018
427,811
19,343
562,172
At 31 March 2022
343,601
1,002,212
52,243
1,398,056
Carrying amount
At 31 March 2022
2,531,844
1,557,066
44,469
4,133,379
At 31 December 2020
2,646,862
1,184,437
63,812
3,895,111
5
Debtors
2022
2020
Amounts falling due within one year:
£
£
Other debtors
457,096
227,689
2022
2020
Amounts falling due after more than one year:
£
£
Other debtors
355,500
355,500
Total debtors
812,596
583,189
6
Creditors: amounts falling due within one year
2022
2020
£
£
Trade creditors
870,379
597,417
Amounts owed to group undertakings
728,670
Other creditors
13,584,682
9,540,076
14,455,061
10,866,163
STREAT MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 6 -
7
Called up share capital
2022
2020
2022
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
At the year end the company had total commitments under operating leases expiring after more than 25 years of £25,061,416. The rent-free period was 27 months.
9
Related party transactions
No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.