Company Registration No. SC588879 (Scotland)
SIX BY NICO (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
SIX BY NICO (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SIX BY NICO (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
27 JUNE 2021
27 June 2021
- 1 -
2021
2020
Unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,744
Tangible assets
4
218,953
19,410
Investments
5
200,109
106
427,806
19,516
Current assets
Debtors
7
5,109,829
3,907,192
Cash at bank and in hand
443,119
189,732
5,552,948
4,096,924
Creditors: amounts falling due within one year
8
(3,865,581)
(1,976,861)
Net current assets
1,687,367
2,120,063
Total assets less current liabilities
2,115,173
2,139,579
Creditors: amounts falling due after more than one year
9
(1,500,000)
(24,392)
Net assets
615,173
2,115,187
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
614,973
2,114,987
Total equity
615,173
2,115,187
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 2022 and are signed on its behalf by:
N Simeone
Director
Company Registration No. SC588879
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2021
- 2 -
1
Accounting policies
Company information
Six By Nico (Holdings) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
1132 Argyle Street, Glasgow, G3 8TD.
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.
1.2
Reporting period
The figures are for a period of more than one year covering a 15 month period from 1 April 2020 to 30 June 2021 and, therefore, the comparative figures are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Intangible fixed assets
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Patents & licences
5 years straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially
recorded
at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
5 years straight line
Computer equipment
4 years straight line
Motor vehicles
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
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.
1.9
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 initially measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors and l
oans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price
.
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. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the
period
. 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss ac
c
ount, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
1.14
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.
Government grants are recognised in accordance with the performance model.
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 period was:
2021
2020
Number
Number
Total
25
12
3
Intangible fixed assets
Other
£
Cost
At 1 April 2020
Additions
8,744
At 27 June 2021
8,744
Amortisation and impairment
At 1 April 2020 and 27 June 2021
Carrying amount
At 27 June 2021
8,744
At 31 March 2020
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2021
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2020
18,329
4,000
22,329
Additions
193,567
20,013
213,580
At 27 June 2021
193,567
38,342
4,000
235,909
Depreciation and impairment
At 1 April 2020
2,669
250
2,919
Depreciation charged in the period
3,667
9,120
1,250
14,037
At 27 June 2021
3,667
11,789
1,500
16,956
Carrying amount
At 27 June 2021
189,900
26,553
2,500
218,953
At 31 March 2020
15,660
3,750
19,410
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
109
106
Other investments other than loans
200,000
200,109
106
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2020
106
-
106
Additions
3
200,000
200,003
At 27 June 2021
109
200,000
200,109
Carrying amount
At 27 June 2021
109
200,000
200,109
At 31 March 2020
106
-
106
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2021
- 7 -
6
Subsidiaries
Details of the company's subsidiaries at 27 June 2021 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Six by Nico (Glasgow) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Edinburgh) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Belfast) Ltd
Licensed restaurant
Ordinary shares
100
Supper Club (South) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Fitzrovia) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Manchester) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Liverpool) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Dublin) FD Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Byres Road) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Canary Wharf) Ltd
Licensed restaurant
Ordinary shares
100
Six by Nico (Aberdeen) Ltd
Licensed restaurant - dormant
Ordinary shares
100
Six by Nico (Home) Ltd
Licensed restaurant - dormant
Ordinary shares
100
The registered office of all wholly owned subsidiaries is 227 West George Street, Glasgow, G2 2ND, with the exception of Six by Nico (Dublin) FD which is The Black Church, Dublin, Dublin 7, Ireland.
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
11,394
126,633
Corporation tax recoverable
241,868
Amounts owed by group undertakings
3,945,504
1,816,862
Other debtors
893,702
1,963,661
Prepayments and accrued income
17,361
36
5,109,829
3,907,192
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2021
- 8 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Other borrowings
51,129
90,000
Trade creditors
203,751
12,318
Amounts owed to group undertakings
1,107,618
441,632
Taxation and social security
109,665
28,826
Deferred income
1,948,896
1,162,402
Other creditors
208,103
228,763
Accruals
236,419
12,920
3,865,581
1,976,861
Amounts owed to group are interest free and repayable on demand
.
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,500,000
Other creditors
24,392
1,500,000
24,392
Included in bank loans is a Coronavirus Business Interruption Loan for £1,500,000. This has been paid post period end.
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was John Mason and the auditor was Johnston Carmichael LLP.
12
Related party transactions
SIX BY NICO (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2021
12
Related party transactions
(Continued)
- 9 -
The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with the immediate parent or any wholly owned subsidiary undertaking of the group.
13
Directors' transactions
Dividends totalling £1,408,984 (2020- £100,000) were paid in the period in respect of shares held by the company's directors.
14
Parent company
The company's immediate parent company is Simeone Group Limited. Simeone Group Limited is the smallest group of companies in which Home-X Labs Limited is included in the consolidated accounts.
The ultimate parent company is VVS Investments Limited, which is controlled by Nico Simeone
, director, by virtue of his interest in its issued share capital.
Group accounts for the above entities can be obtained from Companies House, 4th Floor, Edinburgh Quay, 139 Fountainbridge, Edinburgh EH3 9FF.
2021-06-27
2020-04-01
false
31 March 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
N Simeone
V Simeone
I MacArthur
R Wirszycz
G Sheils
Mrs V Simeone
2022-03-31
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