Company Registration Number
07346846
New Street Restaurants Limited
Unaudited Abbreviated Accounts
31 December 2015
New Street Restaurants Limited
Abbreviated Balance Sheet
31 December 2015
Fixed Assets
|
2
|
|
|
|
Tangible assets
|
|
154,494
|
216,984
|
|
|
---------
|
---------
|
|
|
|
|
|
Current Assets
Stocks
|
15,155
|
|
19,959
|
Debtors
|
8,418
|
|
11,432
|
Cash at bank and in hand
|
23,129
|
|
37,810
|
|
--------
|
|
--------
|
|
46,702
|
|
69,201
|
Creditors: Amounts Falling due Within One Year
|
(
200,754)
|
|
(
174,225)
|
|
---------
|
|
---------
|
Net Current Liabilities
|
|
(
154,052)
|
(
105,024)
|
|
|
|
|
|
|
---------
|
---------
|
Total Assets Less Current Liabilities
|
|
442
|
111,960
|
|
|
|
|
Creditors: Amounts Falling due after More than One Year
|
|
(
1,481,605)
|
(
1,344,197)
|
|
|
|
|
|
|
------------
|
------------
|
|
|
(
1,481,163)
|
(
1,232,237)
|
|
|
------------
|
------------
|
|
|
|
|
Capital and Reserves
Called up equity share capital
|
4
|
|
1,000
|
1,000
|
Profit and loss account
|
|
(
1,482,163)
|
(
1,233,237)
|
|
|
------------
|
------------
|
Deficit
|
|
(
1,481,163)
|
(
1,232,237)
|
|
|
------------
|
------------
|
|
|
|
|
|
For the year ended 31st December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on
28 September 2016
, and are signed on their behalf by:
N Jones
Company Registration Number:
07346846
New Street Restaurants Limited
Notes to the Abbreviated Accounts
Year Ended 31st December 2015
1.
Accounting Policies
Basis of Accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the fair value of goods and services provided during the period, excluding value added tax.
Fixed Assets
All fixed assets are initially recorded at cost
.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Kitchen equipment- 15% Straight line per annum
Fixtures and fittings- 15% Straight line per annum
Equipment- 25% Straight line per annum
Cutlery, crockery and glassware- 33.33% Straight line per annum
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Going Concern
At the balance sheet date there was an excess of liabilities over assets. The company is held in a small group and is supported indirectly by the director K M M Tajir with loans from companies both within and outside the group structure, in which K M M Tajir has a material interest. The director K M M Tajir has informed the board of directors that he will continue to support the company indirectly with loans from companies both within and outside the group structure until the company is in a position to support itself. The board of directors for this reason considers it appropriate for the accounts to be prepared on a going concern basis.
2.
Fixed Assets
Cost
At 1st January 2015
|
406,778
|
Additions
|
4,808
|
Disposals
|
(
9,657)
|
|
---------
|
At 31st December 2015
|
401,929
|
|
---------
|
|
|
Depreciation
At 1st January 2015
|
189,794
|
Charge for year
|
59,742
|
On disposals
|
(
2,101)
|
|
---------
|
At 31st December 2015
|
247,435
|
|
---------
|
|
|
Net Book Value
At 31st December 2015
|
154,494
|
|
---------
|
|
|
At 31st December 2014
|
216,984
|
|
---------
|
|
|
3.
Related Party Transactions
The company is held within a small group, in which the director K M M Al Tajir has a material interest.
The company was provided with an interest free loan from Market Town Foods Limited a company within the group structure. The amount outstanding at the balance sheet date was £77,873 (2014: £36,755).
This loan was provided with no formal repayment terms. The company was provided with an interest free loan from Market Town Developments Limited a company within the group structure. The amount outstanding at the balance sheet date was £1,143,456 (2014: £1,005,673). The company will not repay the loan until it is in a position to do so and after one year. The company was provided with an interest free loan from companies outside the group structure, in which the director K M M Al Tajir has a material interest. The loans outstanding at the balance sheet date totalled £338,149 (2014: £338,524). The director has confirmed that the loans from companies outside the group will not be repaid until the company is in a position to do so and after one year. During the year the company returned fixed assets of £6,373 (2014: the company purchased fixed assets for £15,296) to Augustus Brandt Antiques International Limited, a company outside the group structure and registered in the United Kingdom in which the director K M M Al Tajir has a material interest. The transaction was carried out on an arm's length basis and at the balance sheet date the company owed Augustus Brandt Antiques International Limited £180 (2014: £18,355). The company is within a small group controlled by its ultimate parent company, Amanco Limited, a company registered in Gibraltar in which the director K M M Al Tajir has a material interest. During the year the company rented a commercial property on an arm's length basis from Amanco Limited for £45,000 (2014: £45,000). During the year the company paid administration costs on an arm's length basis of £35,664 (2014: £39,197) to Market Town Developments Limited, a company with in the group structure. During the year the company paid for goods and services at cost with a value of £20,714 (2014: £13,641) to Market Town Foods Limited, a company with in the group structure.
4.
Share Capital
Allotted, called up and fully paid:
Ordinary shares of £ 1 each
|
1,000
|
1,000
|
1,000
|
1,000
|
|
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|
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|
-------
|
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|
|
|
|
|
|
5.
Ultimate Parent Company
The ultimate parent company is Amanco Limited a company registered in Gibraltar.