Company registration number 10912513 (England and Wales)
BLOOM RESTAURANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
BLOOM RESTAURANT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
The following pages do not form part of the statutory financial statements
Detailed trading and profit and loss account
-
BLOOM RESTAURANT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
20,230
20,283
Cash at bank and in hand
30,000
20,230
50,283
Creditors: amounts falling due within one year
4
(11,358)
(23,703)
Net current assets
8,872
26,580
Creditors: amounts falling due after more than one year
5
(39,167)
(49,167)
Net liabilities
(30,295)
(22,587)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(30,395)
(22,687)
Total equity
(30,295)
(22,587)
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 31 August 2021 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 members have 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.
The financial statements were approved and signed by the director and authorised for issue on 22 August 2022
Mr L Bassini
Director
Company Registration No. 10912513
BLOOM RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 2 -
1
Accounting policies
Company information
Bloom Restaurant Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
166 College Road, Harrow, Middlesex, HA1 1RA.
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 financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net liabilities of £30,295 (2020: £22,587). The director considers the going concern basis to be appropriate because, in his opinion, the company will continue to obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due, for at least the ensuing twelve months.
If the company was unable to continue obtaining sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.
1.3
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 measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans,
and
loans from
fellow group companies, are 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.
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.
BLOOM RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 3 -
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.5
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
20,230
20,283
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
10,833
833
Trade creditors
525
345
Other creditors
22,525
11,358
23,703
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
39,167
49,167
Included within creditors is £50,000 in respect of a bank loan which is guaranteed by the Government under the Bounce Back Loan Scheme.
BLOOM RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
5
Creditors: amounts falling due after more than one year
(Continued)
- 4 -
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
9,167
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Related party transactions
Included within other debtors is £20,105 (2020: £20,100) owed by companies connected to the director as at the balance sheet date.