Company Registration No. 11369280 (England and Wales)
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
82,323
Current assets
Stocks
30,572
Debtors
4
143,010
Cash at bank and in hand
36,591
50,253
210,173
50,253
Creditors: amounts falling due within one year
5
(684,527)
(239,763)
Net current liabilities
(474,354)
(189,510)
Net liabilities
(392,031)
(189,510)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(392,032)
(189,511)
Total equity
(392,031)
(189,510)
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 27 July 2023 and are signed on its behalf by:
Mr S D Edgson
Director
Company Registration No. 11369280
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 2 -
1
Accounting policies
Company information
Barrafina Borough Yards Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Hall, Main Street, Market Overton, Oakham, Rutland, LE15 7PL.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Going concern
The company meets its day to day working capital requirements via funding from related group companies. The related companies have given assurances that they will continue to support the company by such means and that they will not call on these loans until the company has sufficient financial resources to pay them. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of support by the related companies.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, is shown net of VAT and comprises the sale of food and beverages, which is recognised at the point of sale.
1.4
Tangible fixed assets
Tangible fixed assets are 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
10% on cost
Computers
25% on cost
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Bank loans are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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 year. 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 company has taxable losses of £164,516 (2021 - £188,969) available for carry forward against future taxable trading profits. Due to the uncertainty over the timing of future taxable trading profits, a deferred tax asset has not been recognised in these financial statements in respect of these losses.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
1.11
Government grants
Government grants are recognised at the fair value of the asset received 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:
2022
2021
Number
Number
Total
14
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021
Additions
85,128
At 31 July 2022
85,128
Depreciation and impairment
At 1 August 2021
Depreciation charged in the year
2,805
At 31 July 2022
2,805
Carrying amount
At 31 July 2022
82,323
At 31 July 2021
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year
£
£
Trade debtors
73,887
Amounts owed by group undertakings
56,171
Other debtors
12,952
143,010
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
39,109
48,333
Trade creditors
127,347
250
Amounts owed to group undertakings
89,520
123,587
Taxation and social security
114,198
27,071
Other creditors
314,353
40,522
684,527
239,763
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Audit report information
As the profit and loss account 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 qualified and the auditor reported as follows:
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
7
Audit report information
(Continued)
- 6 -
We have audited the financial statements of Barrafina Borough Yards Ltd (the 'company') for the year ended 31 July 2022 which comprise , the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the basis for qualified opinion section, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We did not observe the counting of physical inventories at the year end. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 July 2022, which are included in the balance sheet at £30,572, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made.
The senior statutory auditor was John Griffin FCCA and the auditor was Newby Castleman LLP.
8
Capital commitments
Amounts contracted for but not provided in the financial statements:
2022
2021
£
£
Acquisition of tangible fixed assets
31,566
-
BARRAFINA BOROUGH YARDS LTD
(FORMERLY EL PASTOR CATERING LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 7 -
9
Parent company
The parent undertaking for which consolidated accounts are prepared is Barrafina Limited, a company registered in England and Wales. Consolidated accounts are publicly available from Companies House, Cardiff.
The registered address of Barrafina Limited is the same as the company's registered office address as given in the company information page of these financial statements.