Registration number:
Fun & Fries Ltd
for the Year Ended 31 December 2022
Fun & Fries Ltd
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Income Statement |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Fun & Fries Ltd
Company Information
Director |
J O Moore |
Company secretary |
L Schlappa |
Registered office |
|
Accountants |
|
Auditors |
|
Fun & Fries Ltd
Strategic Report for the Year Ended 31 December 2022
The director presents her strategic report for the year ended 31 December 2022.
Principal activity
The principal activity of the company is an operator of a group of McDonald's restaurants.
Fair review of the business
The results for the year and the financial position at the end of the year are shown in the annexed financial statements.
As an operator of a chain of McDonald's restaurants the director considers the company's key performance indicators to be turnover and gross profit. Turnover for the year increased by 15.74%, with an increase in gross profit of 1.14% compared to the previous year. In common with many other similar businesses and industries, the war in Ukraine has had a significant impact on raw product costs, fuel costs and utility costs, with labour costs also increasing considerably along with other overheads, with the result that the years trading produced an operating loss of £77,858.
The director believes the trading environment in which the company operates will continue to be challenging but remains optimistic regarding future trading and is committed to increasing both future turnover and profitability and to continuing the company’s reinvestment program. The company has continued to invest in the business and in the development and training of its employees, as well as continued investment in IT and store equipment.
Principal risks and uncertainties
The company operates in a highly competitive market with high levels of price sensitivity. Consumer behaviour can impact the company's turnover and profitability. The company continually assesses these risks and mitigates them by adopting a policy of constantly assessing its pricing strategy with ongoing market research.
The company remains exposed to periods of food cost inflation together with the variability of commodity prices both of which impact on profitability. In addition, the effects of Brexit have the possibility of impacting the business in terms of the access to, and cost of, both food and labour. The company continually assesses any risks identified, with the aim of mitigating the threats these may have on the company's operations and profitability. The company's supply chain is closely maintained by McDonald's, who endeavour to negotiate effectively on behalf of all franchisees to ensure better purchasing terms. This helps as much as possible to protect the company from risks associated with fluctuating food costs.
The company is also inherently exposed to pressures within the labour market and to wage cost inflation. The company mitigates this risk by a policy of adopting remuneration and benefits packages designed to be competitive within the market as well as ensuring full compliance with labour market regulations, with employment policies to allow fulfilling career opportunities for all employees.
By its very nature, the fast-food market is extremely competitive, with large numbers of companies operating in the sector. In order to remain at the forefront, McDonald’s have dedicated teams whose focus is on ensuring they remain the leading business in the market.
Fun & Fries Ltd
Strategic Report for the Year Ended 31 December 2022
Approved and authorised by the
......................................... |
Fun & Fries Ltd
Director's Report for the Year Ended 31 December 2022
The director presents her report and the financial statements for the year ended 31 December 2022.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The company’s principle financial instruments comprise bank balances, trade creditors and bank loans. The main purpose of these instruments is to finance the company’s operations and to ensure the smooth running of the company’s operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk.
In respect of bank balances, the liquidity risk is managed by maintaining a balance to ensure the continuity of trading, through the use of detailed cash flow analysis, forecasts and projections which are regularly updated. In addition, the company has access to overdraft facilities from its bankers which are repayable on demand, should the business require them.
In respect of bank loans, these are provided by financial institutions. The interest rate on these loans is variable, although usually the monthly repayments are fixed. The company manages the liquidity risk by ensuring that there are sufficient funds to meet the payments through the constant review and updating of cashflow forecasts. The interest rate is managed through regular reviews of current and expected future interest rates.
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Price risk, credit risk, liquidity risk and cash flow risk
The main risks arising from the company’s financial instruments are interest risk and liquidity risk. The board reviews and agrees policies for managing each of these risks as summarised below –
Interest rate risk – the company’s exposure to market risk for changes in interest rates is limited to bank loans. Additional requirements for medium to long term debt are reviewed by the directors based on the company’s forecast requirements
Liquidity risk – the company’s objective is to maintain a balance between continuity of funding and flexibility, by the utilisation of cash and bank loans.
Employment of disabled persons
The company operates an equal opportunities policy in all areas of recruitment and seeks to offer suitable work and training wherever practicable to persons with disabilities. The policy of the company is to ensure that disabled applicants are given full and fair consideration having regards to their particular aptitudes and abilities. Existing disabled employees are given equal access to appropriate training, career development and promotion opportunities within the company. In the event of employees becoming disabled while in the employment of the company, all reasonable means are explored to achieve retention in employment in the same or an alternative capacity.
Fun & Fries Ltd
Director's Report for the Year Ended 31 December 2022
Employee involvement
The company aims to promote a working environment free from harassment, victimisation, bullying and discrimination. The company regards all of its employees as members of a team, where opinions are valued and everyone is regarded as equal in status and treated with fairness and respect. The company's recruitment procedures are intended to ensure that employees are selected, promoted and treated according to their ability and that everyone has an equal opportunity to receive training and development. The company communicates regularly with all employees on matters relating to its performance, with employees encouraged to contribute to the decision making process through regular staff meetings. In addition, there is a bulletin board in each restaurant where memoranda relating to company policy are displayed. There is also an online portal known as Our Lounge, which contains news and information for McDonald's employees.
Disclosure of information to the auditors
The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditors are unaware.
Reappointment of auditors
The auditors Manex Accountants Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
......................................... |
Fun & Fries Ltd
Statement of Director's Responsibilities
The director acknowledges her responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Fun & Fries Ltd
Independent Auditor's Report to the Members of Fun & Fries Ltd
Opinion
We have audited the financial statements of Fun & Fries Ltd (the 'company') for the year ended 31 December 2022, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 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 opinion
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 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 opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Fun & Fries Ltd
Independent Auditor's Report to the Members of Fun & Fries Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or 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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 6], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Fun & Fries Ltd
Independent Auditor's Report to the Members of Fun & Fries Ltd
We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates. We determined that the following laws and regulations were most significant: The Companies Act 2006/FRS 102, Employment Law and Waste, Health and Safety. We enquired of management and those responsible for legal and compliance procedures to obtain an understanding of how the company is complying with those legal and regulatory frameworks and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our discussions with the directors and management. We did not identify any matters relating to non-compliance with laws and regulations or matters in relation to fraud.
In assessing the potential risks of material misstatements, we obtained an understanding of the company’s operations, including its objectives and strategies to understand the expected financial statement disclosures and business risks that may result in risks of material misstatement;
In assessing the appropriateness of the collective competence and capabilities of the engagement team the engagement partner considered the engagement team’s :
Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation,
The specialist skills required and
Knowledge of the industry in which the client operates.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Challenging assumptions and judgements made by management in its significant accounting estimates;
Identifying and testing journal entries, in particular manual journal entries made at year end for financial statement preparation; and
Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
9 Castle Court 2
Castlegate Way
West Midlands
DY1 4RD
Fun & Fries Ltd
Income Statement for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating (loss)/profit |
(77,858) |
1,248,264 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(32,925) |
(25,085) |
||
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
( |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Fun & Fries Ltd
(Registration number: 04825817)
Statement of Financial Position as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Property, plant and equipment |
|
|
|
Other financial assets |
6,250 |
6,250 |
|
|
|
||
Current assets |
|||
Inventories |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Retained earnings |
1,114,390 |
1,337,221 |
|
Shareholders' funds |
1,114,391 |
1,337,222 |
Approved and authorised by the
......................................... |
Fun & Fries Ltd
Statement of Changes in Equity for the Year Ended 31 December 2022
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Loss for the year |
- |
( |
( |
Dividends |
- |
( |
( |
At 31 December 2022 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2021 |
|
|
|
Fun & Fries Ltd
Statement of Cash Flows for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Cash flows from operating activities |
|||
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
( |
|
|
|
|
||
Working capital adjustments |
|||
Increase in inventories |
( |
( |
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of property, plant and equipment |
( |
( |
|
Acquisition of intangible assets |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
- |
|
Repayment of bank borrowing |
- |
( |
|
Dividends paid |
( |
( |
|
Financial assets at cost less impairment additions |
- |
(1,250) |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
2,973,419 |
2,723,156 |
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised in the financial statements when there is reasonable assurance that the company has complied with all applicable conditions and that the grants will be received. Under FRS 102 the company accounts for government grants using the accrual model. Under the accrual model government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grants are intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised in income in the period in which it becomes receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
between 3 and 10 years straight line |
Office equipment |
5 years straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
straight line over the shorter of the remaining life of the lease and 20 years |
Licence fee |
straight line over the remaining life of the licence |
Stamp duty |
straight line over the remaining life of the licence |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Inventories
Stocks are stated at the lower of average cost and net realisable value. Net realisable value is based on estimated selling price less further costs expected to be incurred prior to completion and disposal.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Revenue |
The analysis of the company's turnover for the year from continuing operations is as follows:
2022 |
2021 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2022 |
2021 |
|
Government grants |
- |
|
Miscellaneous other operating income |
|
- |
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Government grants |
The amount of grants recognised in the financial statements was £Nil (2021 - £
Other interest receivable and similar income |
2022 |
2021 |
|
Interest income on bank deposits |
|
- |
Other finance income |
- |
|
|
|
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Interest payable and similar expenses |
2022 |
2021 |
|
Interest on bank overdrafts and borrowings |
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2022 |
2021 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2022 |
2021 |
|
Crew labour |
|
|
Management labour |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2022 |
2021 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
16,235 |
30,831 |
Auditors' remuneration |
2022 |
2021 |
|
Audit of the financial statements |
|
|
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Taxation |
Tax charged/(credited) in the income statement
2022 |
2021 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
32,519 |
256,634 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2021 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
2021 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
- |
Total tax (credit)/charge |
( |
|
Deferred tax
Deferred tax assets and liabilities
2022 |
Asset |
Liability |
- |
|
|
- |
|
2021 |
Asset |
Liability |
- |
|
|
- |
|
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Intangible assets |
Goodwill |
Licence fees |
Stamp duty |
Total |
|
Cost or valuation |
||||
At 1 January 2022 |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Amortisation |
||||
At 1 January 2022 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Carrying amount |
||||
At 31 December 2022 |
|
|
|
|
At 31 December 2021 |
|
|
|
|
Property, plant and equipment |
Plant and equipment |
Office equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2022 |
|
|
|
Additions |
|
- |
|
At 31 December 2022 |
|
|
|
Depreciation |
|||
At 1 January 2022 |
|
|
|
Charge for the year |
|
- |
|
At 31 December 2022 |
|
|
|
Carrying amount |
|||
At 31 December 2022 |
|
- |
|
At 31 December 2021 |
|
- |
|
Other financial assets (current and non-current) |
2022 |
2021 |
|
Non-current financial assets |
||
Financial assets at cost less impairment |
|
|
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Inventories |
2022 |
2021 |
|
Stocks of food, paper and non-products |
|
|
Debtors |
Current |
2022 |
2021 |
Other debtors |
|
- |
Prepayments |
|
|
|
|
Cash and cash equivalents |
2022 |
2021 |
|
Cash on hand |
|
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2022 |
2021 |
|||
Interim dividend of £ |
|
|
||
Fun & Fries Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
Analysis of changes in net debt |
At 1 January 2022 |
Financing cash flows |
At 31 December 2022 |
|
Cash and cash equivalents |
|||
Cash |
2,723,156 |
250,263 |
2,973,419 |
Borrowings |
|||
Short term borrowings |
(498,359) |
(170,231) |
(668,590) |
Lease liabilities |
(1,074,742) |
711,722 |
(363,020) |
Directors loan account |
(48,315) |
24,528 |
(23,787) |
(1,621,416) |
566,019 |
(1,055,397) |
|
|
|
|
|
|
Creditors |
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
41,461 |
265,576 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 January 2022 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2022 |
|
|
|