Gazania Restaurant Limited - Accounts to registrar (filleted) - small 18.2
Gazania Restaurant Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| GAZANIA RESTAURANT LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 DECEMBER 2019 TO 31 MAY 2021 |
| GAZANIA RESTAURANT LIMITED (REGISTERED NUMBER: 10482004) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 DECEMBER 2019 TO 31 MAY 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| GAZANIA RESTAURANT LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 DECEMBER 2019 TO 31 MAY 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor, One Hobbs House, |
| Harrovian Business Village |
| Bessborough Road |
| Harrow |
| Middlesex |
| HA1 3EX |
| GAZANIA RESTAURANT LIMITED (REGISTERED NUMBER: 10482004) |
| BALANCE SHEET |
| 31 MAY 2021 |
| 2021 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GAZANIA RESTAURANT LIMITED (REGISTERED NUMBER: 10482004) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 DECEMBER 2019 TO 31 MAY 2021 |
| 1. | STATUTORY INFORMATION |
| Gazania Restaurant Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents sales of products to customers in the United Kingdom, excluding discounts, rebates, value added tax and other sales taxes. Revenues are recognised when food and beverage products are sold to customers in the restaurant. |
| Goodwill |
| 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. |
| Website development is being amortised evenly over its estimated useful life of 15 years. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Plant and machinery - 25% on cost |
| Fixtures and fittings - 25% on cost |
| Computer equipment - 33% on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the period 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. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| 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 period end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Debtors |
| Trade debtors are measured at the transaction price, less any provisions for bad or doubtful debts. Loans receivable are measured at their transactional amounts, less any potential impairment. |
| GAZANIA RESTAURANT LIMITED (REGISTERED NUMBER: 10482004) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 DECEMBER 2019 TO 31 MAY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Cash at bank and in hand |
| Cash at bank and in hand is represented by cash in hand and deposits held with financial institutions repayable without penalty or a notice of not less than 24 hour's. |
| Government grants |
| Government grants relate to income received in respect of the Coronavirus Job Retention Scheme which was provided by the government to businesses in the UK to help alleviate the financial impact of Covid-19 by placing staff on temporary leave. Government grants are accounted for under the accruals model as permitted by FRS 102. Grants of the revenue nature recognised in the Income Statement as other operating income in the same period as the related expenditure and when reasonable assurances gained that the Company will comply with the conditions attached to the grant and the grant will be received. |
| Going concern |
| The Financial Statements have been prepared on a going concern basis, as the directors have confirmed that funds will continue to be made available for the company to meet its day to day commitments for the |
| foreseeable future. The financial statements do not include any adjustments that may result from the withdrawal of this support and the director is of the opinion that the going concern basis is therefore appropriate to the preparation of these financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| Additions |
| At 31 May 2021 |
| AMORTISATION |
| Charge for period |
| At 31 May 2021 |
| NET BOOK VALUE |
| At 31 May 2021 |
| GAZANIA RESTAURANT LIMITED (REGISTERED NUMBER: 10482004) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 DECEMBER 2019 TO 31 MAY 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| Additions |
| At 31 May 2021 |
| DEPRECIATION |
| Charge for period |
| At 31 May 2021 |
| NET BOOK VALUE |
| At 31 May 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to associates | 179,368 | - |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2019 |
| £ | £ |
| Bank loans |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2019 |
| £ | £ |
| Bank loans |
| The bank loan is secured by way of fixed and floating charges over the company's assets. |
| GAZANIA RESTAURANT LIMITED (REGISTERED NUMBER: 10482004) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 DECEMBER 2019 TO 31 MAY 2021 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2019 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| Deficit for the period | ( |
) |
| At 31 May 2021 | ( |
) |
| 12. | ULTIMATE CONTROLLING PARTY |
| The immediate controlling entity is The Indian Crown Restaurants Limited by virtue of its shareholdings that were acquired on 25 May 2021. |
| The ultimate controlling parties are A Kochhar and Mrs D Kochhar. |