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Unaudited Financial Statements for the Year Ended 31st October 2020 |
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FOLIE RESTAURANT LTD |
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Unaudited Financial Statements for the Year Ended 31st October 2020 |
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for |
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FOLIE RESTAURANT LTD |
FOLIE RESTAURANT LTD (REGISTERED NUMBER: 11243659) |
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Contents of the Financial Statements |
for the year ended 31st October 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
FOLIE RESTAURANT LTD |
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Company Information |
for the year ended 31st October 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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2 Burton House |
Repton Place |
White Lion Road |
Amersham |
Buckinghamshire |
HP7 9LP |
FOLIE RESTAURANT LTD (REGISTERED NUMBER: 11243659) |
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Balance Sheet |
31st October 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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. |
FOLIE RESTAURANT LTD (REGISTERED NUMBER: 11243659) |
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Balance Sheet - continued |
31st October 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FOLIE RESTAURANT LTD (REGISTERED NUMBER: 11243659) |
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Notes to the Financial Statements |
for the year ended 31st October 2020 |
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1. | STATUTORY INFORMATION |
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Folie Restaurant Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Leasehold cost and improvements | - over the lease period |
Plant and machinery | - 10% straight line |
Equipment | - 33% straight line |
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Stocks |
Stocks 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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
FOLIE RESTAURANT LTD (REGISTERED NUMBER: 11243659) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement 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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Going concern |
In conjunction with the hospitality sector, the company temporarily ceased its operations in response to the Coronavirus pandemic. Operations have recently resumed and the directors are aware of the significant uncertainties that the company specifically and industry in general face for the foreseeable future. |
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The directors have considered the use of the going concern basis of preparation of financial statements for the period ended 31 October 2020, having taken into consideration the availability of government support measures as well as engaging with other stakeholders. There remain significant uncertainties about the future and the situation is monitored on a continual basis but at this stage there are no plans to permanently cease operations. The directors consider the use of going concern basis of accounting is appropriate as the main stakeholders will continue to support the company for the foreseeable future. |
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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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
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At 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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FOLIE RESTAURANT LTD (REGISTERED NUMBER: 11243659) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st November 2019 |
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Additions |
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At 31st October 2020 |
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DEPRECIATION |
Charge for year |
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At 31st October 2020 |
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NET BOOK VALUE |
At 31st October 2020 |
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At 31st October 2019 |
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6. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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VAT |
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Prepayments and accrued income |
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Amounts falling due after more than one year: |
Rent deposits |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | 2,369 | - |
Other creditors |
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Directors' current accounts | 212 | 212 |
Accruals and deferred income |
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FOLIE RESTAURANT LTD (REGISTERED NUMBER: 11243659) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2020 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
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Other loans - 2-5 years |
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Other loans have been provided by the parent company with an initial repayment date of 29th July 2024 but no specific repayment terms. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | 1.00 | 500 | 500 |
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10. | RESERVES |
Retained |
earnings |
£ |
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Deficit for the year | ( |
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At 31st October 2020 | ( |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Folie Capital S.à.r.l., a private limited liability company registered in Luxembourg, which owns 80% of the issued voting share capital of the company. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Folie Restaurant Ltd |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Folie Restaurant Ltd for the year ended 31st October 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Folie Restaurant Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Folie Restaurant Ltd and state those matters that we have agreed to state to the Board of Directors of Folie Restaurant Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Folie Restaurant Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Folie Restaurant Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Folie Restaurant Ltd. You consider that Folie Restaurant Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Folie Restaurant Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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2 Burton House |
Repton Place |
White Lion Road |
Amersham |
Buckinghamshire |
HP7 9LP |
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