Amarone Restaurants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC390597 (Scotland)

FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2017 TO 29 APRIL 2018

FOR

AMARONE RESTAURANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A G F Conetta

M L Gizzi

REGISTERED OFFICE:

C/O Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

BUSINESS ADDRESS:

2nd floor

87 St Vincent Street

Glasgow

G2 5TF

REGISTERED NUMBER:

SC390597 (Scotland)

AUDITORS:

Consilium Audit Limited (Statutory Auditor)

169 West George Street

Glasgow

G2 2LB

SOLICITORS:

Burness Paull LLP

120 Bothwell Street

Glasgow

G2 7JL

FIXED ASSETS

Tangible assets

4

1,146,842

1,135,621

CURRENT ASSETS

Stocks

39,006

36,814

Debtors

5

683,099

885,930

Cash at bank and in hand

706,773

681,621

1,428,878

1,604,365

CREDITORS

Amounts falling due within one year

6

1,183,464

1,421,305

NET CURRENT ASSETS

245,414

183,060

TOTAL ASSETS LESS CURRENT LIABILITIES

1,392,256

1,318,681

PROVISIONS FOR LIABILITIES

8

47,779

50,739

NET ASSETS

1,344,477

1,267,942

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

1,344,377

1,267,842

SHAREHOLDERS' FUNDS

1,344,477

1,267,942

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 Board of Directors on 30 January 2019 and were signed on its behalf by:

M L Gizzi - Director

1.	STATUTORY INFORMATION

Amarone Restaurants Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the period at a selling price

exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual

obligations to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold improvements

-

15% reducing balance

Fixtures and fittings

-

15% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items. Stock consists of food and beverage and is valued on a first-in, first-out basis.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

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

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.

Leasing commitments

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.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of

the Company in an independently administered fund. Contributions to the Company's defined contribution scheme are

charged to the Income Statement in the period in which they become payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 143 (2017 - 136 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

improvements

fittings

Totals

£

£

£

COST

At 1 May 2017

519,240

1,770,925

2,290,165

Additions

12,925

180,745

193,670

At 29 April 2018

532,165

1,951,670

2,483,835

DEPRECIATION

At 1 May 2017

251,225

903,319

1,154,544

Charge for period

42,151

140,298

182,449

At 29 April 2018

293,376

1,043,617

1,336,993

NET BOOK VALUE

At 29 April 2018

238,789

908,053

1,146,842

At 30 April 2017

268,015

867,606

1,135,621

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed by group undertakings

655,000

855,000

Other debtors

28,099

30,930

683,099

885,930

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

217,583

220,902

Amounts owed to group undertakings

410,275

410,275

Taxation and social security

298,838

516,050

Other creditors

256,768

274,078

1,183,464

1,421,305

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

507,500

366,000

Between one and five years

1,202,667

1,464,000

In more than five years

963,333

1,209,500

2,673,500

3,039,500

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

47,779

50,739

Deferred

tax

£

Balance at 1 May 2017

50,739

Credit to Statement of Comprehensive Income during period

(2,960

)

Balance at 29 April 2018

47,779

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Holt (Senior Statutory Auditor)

for and on behalf of Consilium Audit Limited (Statutory Auditor)

11.	CONTINGENT LIABILITIES

The Company has provided an inter company bank guarantee in respect of the bank loans of Windows Catering Company

(West End) Limited. The total amount due by Windows Catering Company (West End) Limited at 29 April 2018 was

£11,540,296 (2017: £12,564,279). Windows Catering Company (West End) Limited is a fellow subsidiary of Di Maggio's

Group Limited.

12.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard

applicable in the UK and Republic of Ireland" not to disclose transactions with other wholly owned group companies as the

Company is included in the consolidated financial statements of Di Maggio's Group Limited.

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

13.	ULTIMATE CONTROLLING PARTY

The Company was under the control of the holders of the ordinary share capital in the ultimate parent company, Di

Maggio's Group Limited, throughout the current and prior period. No individual shareholder has a controlling interest.

The Company is included by full consolidation in the consolidated financial statements of its ultimate parent, Di Maggio's

Group Limited, registered in Scotland, at the same address as the Company, as detailed on the Company Information page.

Copies of the consolidated financial statements are available from the Registrar of Companies, Companies House,

Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF.