Geales Restaurant Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03631100 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Geales Restaurant Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G S Molyneux

SECRETARY:

A Leyshon

REGISTERED OFFICE:

Bridle House

36 Bridle Lane

London

W1F 9BZ

REGISTERED NUMBER:

03631100 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

15,363

22,257

15,363

22,257

CURRENT ASSETS

Stocks

20,864

20,863

Debtors

6

865,420

888,384

Cash at bank and in hand

300

329

886,584

909,576

CREDITORS

Amounts falling due within one year

7

1,642,499

1,432,002

NET CURRENT LIABILITIES

(755,915

)

(522,426

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(740,552

)

(500,169

)

CAPITAL AND RESERVES

Called up share capital

200

400

Share premium

25,100

24,900

Retained earnings

(765,852

)

(525,469

)

SHAREHOLDERS' FUNDS

(740,552

)

(500,169

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 11 September 2019 and were signed by:

G S Molyneux - Director

1.	STATUTORY INFORMATION

Geales Restaurant Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found

on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from ordinary activities and represents the net sales of food, beverage,

hospitality and restaurant services provided, excluding value added tax.

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.

Patents and licences have been fully amortised evenly over their estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold 10% on cost

Long leasehold 20% on cost

Plant & machinery 20% on cost

Computer equipment 20% on cost

Fixture & fittings 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at costs as less impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Hire purchase and leasing commitments

Leases are classified as finance leases when they transfer substantially all the risks and

rewards of ownerships of the leased assets to the company. Other leases that do not

transfer substantially all the risks and rewards of ownership of the leased assets to the

company are classified as operating leases.

The company has entered into some hire purchase agreements for certain assets that

include the option to purchase the items at the end of the lease term for a nominal amount,

which is expected to be much lower than their fair value at that date. The hire purchase

agreements have been classified as finance leases as it is reasonably certain that the option

will be exercised.

Rights to use assets and corresponding obligations to lessors under finance leases are

recognised in the statement of financial position as assets and liabilities at the lower of fair

value of the assets and the present balance of the minimum lease payments, determined at

the inception of the lease.

Lease payments are apportioned between finance charges and reduction of outstanding

lease liabilities using the effective interest method, so as to produce a constant rate of

interest on the remaining balance of the liabilities. Finance charges are recognised in profit

or loss. Assets held under finance leases are included in property, plant and equipment and

are depreciated and reviewed for impairment in the same way as assets owned outright.

Payments received under operating leases are recognised as income over lease term on a

straight-line basis.

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.

Going concern

The company's liabilities exceed its assets by £740,552 [2017: £500,169). The company

depends on the continuing financial support of its parent, associated companies and a

director of the parent company who has confirmed their ongoing financial support of the

company and their ability to do so for the foreseeable future. For this reason the financial

statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

2,810

AMORTISATION

At 1 January 2018

and 31 December 2018

2,810

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2018

147,812

294,407

442,219

Additions

-

555

555

At 31 December 2018

147,812

294,962

442,774

DEPRECIATION

At 1 January 2018

142,826

277,136

419,962

Charge for year

1,742

5,707

7,449

At 31 December 2018

144,568

282,843

427,411

NET BOOK VALUE

At 31 December 2018

3,244

12,119

15,363

At 31 December 2017

4,986

17,271

22,257

Fixed assets, included in the above, which are held under hire purchase contracts or finance

leases are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

105,500

DEPRECIATION

At 1 January 2018

and 31 December 2018

105,500

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

56,178

81,719

Amounts owed by group undertakings

783,777

766,498

Other debtors

25,465

40,167

865,420

888,384

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

405,867

178,006

Amounts owed to group undertakings

1,112,400

1,058,794

Taxation and social security

55,189

53,955

Other creditors

69,043

141,247

1,642,499

1,432,002

8.	RELATED PARTY DISCLOSURES

Concept Venues Ltd

The parent company.

During the year the company made net funding to Concept Venues Ltd of £13,404 (2017:

the company received repayments from Concept Venues Ltd of £287,660). At the balance

sheet date Concept Venues Ltd owes the company £750,877 (2017: £737,473). The

amount is classified as a current debtor and is repayable on demand, no interest is charged.

Sanctum On The Green Ltd

A fellow subsidiary.

During the year the company made net funding to Sanctum On The Green Ltd of £3,875

(2017: Sanctum On The Green Ltd repaid £8,649). At the balance sheet date the company

is owed £32,900 (2017: £29,025) by Sanctum On The Green Ltd. The amount is classified a

current debtor and is repayable on demand, no interest is charged.

Sanctum London Ltd

A fellow subsidiary.

During the year the company received net funding from Sanctum London Ltd of £3,606

(2017: £934,668). At the balance sheet date the company owes Sanctum London Ltd

£1,112,400 (2017: £1,058,794). The amount is classified as a current creditor and is

repayable on demand, no interest is charged.

9.	ULTIMATE CONTROLLING PARTY

A J Taylor, M N J Fuller and R Smallwood, through share ownership in the parent company

Concept Venues Ltd.