COMPANY REGISTRATION NUMBER:
11604591
Hans Crescent Food Limited
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Filleted Financial Statements
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Hans Crescent Food Limited
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Statement of Financial Position
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30 June 2019
Fixed assets
Current assets
Stocks
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5,106
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Debtors
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6
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756,902
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Cash at bank and in hand
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100
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---------
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762,108
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Creditors: amounts falling due within one year
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7
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385,893
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---------
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Net current assets
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376,215
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---------
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Total assets less current liabilities
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379,511
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---------
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Net assets
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379,511
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---------
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Capital and reserves
Called up share capital
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100
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Profit and loss account
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379,411
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---------
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Shareholders funds
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379,511
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---------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
27 March 2020
, and are signed on behalf of the board by:
Mrs Miller Salame
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Director
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Company registration number:
11604591
Hans Crescent Food Limited
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Notes to the Financial Statements
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Period from 4 October 2018 to 30 June 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jubilee House, Townsend Lane, London, NW98TZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2017. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
37
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5.
Tangible assets
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Equipment
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£
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Cost
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At 4 October 2018
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–
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Additions
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-------
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At 30 June 2019
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-------
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Depreciation
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At 4 October 2018
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–
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Charge for the period
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-------
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At 30 June 2019
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-------
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Carrying amount
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At 30 June 2019
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-------
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6.
Debtors
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30 Jun 19
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£
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Trade debtors
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6,300
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Amounts owed by group undertakings and undertakings in which the company has a participating interest
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629,507
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Other debtors
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121,095
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---------
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756,902
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---------
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7.
Creditors:
amounts falling due within one year
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30 Jun 19
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£
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Bank loans and overdrafts
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20
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Trade creditors
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111,526
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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47,699
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Social security and other taxes
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167,721
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Tronc
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Other creditors
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57,611
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---------
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385,893
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---------
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8.
Summary audit opinion
The auditor's report for the period dated 30 March 2020 was unqualified.
The senior statutory auditor was
Hayford Doh FCCA
, for and on behalf of
Ashford Louis
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9.
Related party transactions
Hans Crescent Food Limited
is a subsidiary of Hans Crescent Patisserie Limited. As at year end Hans Crescent Food Limited
was owed:
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2019 |
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£ |
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Racine Restaurants Limited |
231,819 |
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Elan Speciality Coffee Limited |
212,630 |
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Hans Crescent Patisserie Limited |
72,370 |
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Lowndes Street Patisserie Limited |
65,280 |
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Pomenta Ltd |
30,714 |
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Lowndes Street Food Limited |
16,695 |
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Total |
629,507 |
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As at year end Hans Crescent Food Limited owed:
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2019 |
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£ |
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Park Lane Food Limited |
28,894 |
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Market Place Food Limited |
5,501 |
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Market Place Patisserie Limited |
13,303 |
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Total |
47,699 |
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All these companies are connected by virtue of common directorship under Alexandra Miller.
10.
Controlling party
The Ultimate parent company of Hans Crescent Food Limited is Racine Restaurants Limited.
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2017.
No transitional adjustments were required in equity or profit or loss for the period.