Company registration number 12105330 (England and Wales)
WHALLEY RANGE RESTAURANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
Ridehalgh Limited
Chartered Accountants
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
WHALLEY RANGE RESTAURANT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WHALLEY RANGE RESTAURANT LIMITED
BALANCE SHEET
AS AT 31 JULY 2022
31 July 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
156,000
156,000
Current assets
Debtors
4
8,770
1,665
Cash at bank and in hand
791
854
9,561
2,519
Creditors: amounts falling due within one year
5
(1,930)
(1,070)
Net current assets
7,631
1,449
Net assets
163,631
157,449
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
163,531
157,349
Total equity
163,631
157,449
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 July 2022 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.
The 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 12 June 2023
Mr J Swindell
Director
Company Registration No. 12105330
WHALLEY RANGE RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 2 -
1
Accounting policies
Company information
Whalley Range Restaurant Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 21 Kings Court, King Street, Blackburn, Lancashire, BB2 2DH.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value through profit and loss. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents rents, service charges and other sales receivable. rental income is recognised over the lease term. Service charges are recognised in accordance with the period of consumption.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
1.6
Financial instruments
Basic financial assets
Basic financial assets are recognised at amortised cost.
Basic financial liabilities
Basic financial liabilities are recognised at amortised cost..
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WHALLEY RANGE RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Investment property
2022
£
Fair value
At 1 August 2021 and 31 July 2022
156,000
The fair value of the investment property is based on the director's estimate based on open market value by reference to market evidence of transaction prices for similar properties.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,970
1,665
Other debtors
5,800
8,770
1,665
WHALLEY RANGE RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 4 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
240
Corporation tax
1,450
350
Other creditors
480
480
1,930
1,070