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Financial Statements |
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for the Year Ended 31 December 2017 |
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Kirkpatrick Restaurants Ltd |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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Kirkpatrick Restaurants Ltd |
Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Kirkpatrick Restaurants Ltd |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Statement of Financial Position |
31 December 2017 |
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31/12/17 | 31/12/16 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Property, plant and equipment | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Inventories | 8 |
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Debtors | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
11 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Statement of Financial Position - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Kirkpatrick Restaurants Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The director has reviewed the future income and expected outgoings and is satisfied that the accounts are |
prepared on a going concern basis. |
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Turnover |
Turnover represents sales of products to customers, excluding value added tax. |
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Revenues are recognised at the point of sale where food and beverage products are sold to customers in company |
restaurants and arise from continuing activities derived from its principal activity wholly undertaken within the |
United Kingdom. |
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Intangible fixed assets |
Intangible assets relate to payments made in respect of new franchise arrangements. The cost is being written off |
over its estimated life of twenty years. |
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Tangible fixed assets |
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Restaurant equipment | - |
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Computer equipment | - |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Employee benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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The costs of short-term employee benefits are recognised as a liability and an expense in the period in which |
these are incurred. |
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The holiday year for the company ends at the reporting date and employees are not entitled to carry forward |
unused holiday.Where holiday is agreed as being able to be carried forward the cost of this holiday pay is |
accrued for in the balance sheet and charged to the profit or loss in the period to which the holiday entitlement |
relates. |
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Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
the lessor are charged against profits on a straight line basis over the period of the lease. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that |
evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Stamp duty |
The amortisation of stamp duty is calculated to write off the cost in equal instalments over the shorter of the |
unexpired lease and 20 years. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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Cost |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Amortisation |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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Franchise fees are valued at cost less accumulated depreciation with amortisation calculated to write off the cost |
in equal instalments over its estimated useful life of twenty years being the period over which the company will |
derive direct economic benefit from the acquisitions made. |
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6. | PROPERTY, PLANT AND EQUIPMENT |
Restaurant | Computer |
equipment | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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7. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
Cost |
At 1 January 2017 |
and 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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As part of the franchise arrangements, the company has purchased shares in Fries Holding Company Limited, |
incorporated in Guernsey, which operates as an insurance captive for the company. No dividends have been |
received from the company in the period under review. The investment is shown at cost. |
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8. | INVENTORIES |
31/12/17 | 31/12/16 |
£ | £ |
Stocks |
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The difference between the purchase price of stocks and their replacement cost is not material. |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Trade debtors |
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Other debtors |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 295,868 | - |
Kirkpatrick Restaurants Ltd (Registered number: 05354148) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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12. | LEASING AGREEMENTS |
The company's restaurant premises are leased from McDonald's Restaurants Limited under non-cancellable |
operating leases with variable expiry terms of up to 20 years. Lease payments are based on monthly sales |
income generated and vary substantially. The minimum future lease payments payable under the terms of the |
leases is £3,269,228. |
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The director estimates that lease payments based on budgeted sales for the year to 31 December 2018 will be in |
the region of £987,000. |
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13. | RELATED PARTY DISCLOSURES |
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Included within other debtors is a loan to the director of £235,000. Interest is charged on the loan at 2.5%. |