COMPANY REGISTRATION NUMBER:
SC302030
Filleted Financial Statements
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Period from 25 December 2017 to 23 December 2018
Officers and professional advisers
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1
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Statement of financial position
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2
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Notes to the financial statements
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3 to 5
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Statement of Financial Position
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23 December 2018
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23 Dec 18
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24 Dec 17
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Note
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£
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£
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£
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Current assets
Cash at bank and in hand
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152
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152
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----
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----
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Net current assets
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152
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152
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----
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----
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Total assets less current liabilities
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152
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152
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Creditors: amounts falling due after more than one year
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4
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2,414,951
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2,414,951
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------------
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Net liabilities
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(
2,414,799)
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(
2,414,799)
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------------
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------------
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Capital and reserves
Called up share capital
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1
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1
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Profit and loss account
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(
2,414,800)
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(
2,414,800)
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------------
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------------
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Shareholders deficit
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(
2,414,799)
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(
2,414,799)
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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 his 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
26 June 2019
, and are signed on behalf of the board by:
Company registration number:
SC302030
Notes to the Financial Statements
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Period from 25 December 2017 to 23 December 2018
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 152 Union Street, Aberdeen, AB10 1QT, Scotland.
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.
Going concern
These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had net current assets of £2,414,799 and a net shareholder's deficit of £2,414,799 at the balance sheet date. The company, along with other members of the group, have the necessary cash cover to meet its ongoing non-secured creditor obligations and liabilities for the foreseeable future. In light of the above, the director considers it appropriate to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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
. 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. 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.
4.
Creditors:
amounts falling due after more than one year
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23 Dec 18
|
24 Dec 17
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£
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£
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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2,414,951
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2,414,951
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5.
Summary audit opinion
The auditor's report for the period dated
26 June 2019
was unqualified
.
An Emphasis of Matter paragraph was included in relation to Going Concern:
Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The Senior Statutory Auditor was
Cathal Maneely
, for and on behalf of Maneely McCann
.
6.
Related party transactions
Control The company is a wholly owned subsidiary of Herbel Restaurants Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland. Banner Dell Limited, a company incorporated in England and Wales, owns the share capital of Herbel Limited. Banner Dell Limited is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
7.
Controlling party
Herbert Corporate Holdings Limited
is the company's ultimate parent company. Copies of consolidated financial statements may be obtained from Lesley House, 605 Lisburn Road, Belfast, Northern Ireland, BT9 7GS
.