ACCOUNTS - Final Accounts

Registered number: 10646431

VILLA MAMAS RESTAURANT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2017

VILLA MAMAS RESTAURANT LIMITED

REGISTERED NUMBER: 10646431

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017
Note		£

Fixed assets
Tangible assets	5		856,671
			856,671
Current assets
Debtors: amounts falling due within one year	6	73,513
Cash at bank and in hand	7	144,285
		217,798
Creditors: amounts falling due within one year	8	(1,439,874)
Net current (liabilities)/assets			(1,222,076)
Total assets less current liabilities			(365,405)

Net (liabilities)/assets			(365,405)

Capital and reserves
Called up share capital			10
Profit and loss account			(365,415)
			(365,405)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

VILLA MAMAS RESTAURANT LIMITED

REGISTERED NUMBER: 10646431

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R J Taleb

Director

Date: 17 September 2018

The notes on pages 3 to 7 form part of these financial statements.

Page 2

VILLA MAMAS RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

1.	General information

Villa Mamas Restaurant Limited is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its day to day working capital requirements through a loan provided by a company under common control. The Director/Shareholder intend to continue to support the company. As a result they have adopted the going concern basis of accounting.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

Page 3

VILLA MAMAS RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures, fittings and computer equipment	-	5 Years straight line
				Leasehold improvements	-	over the length of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

VILLA MAMAS RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.

Employees

The average monthly number of employees, including directors, during the period was 17.

5.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	Additions	890,004
	At 31 December 2017	890,004
	Depreciation
	Charge for the period on owned assets	33,333
	At 31 December 2017	33,333
	Net book value
	At 31 December 2017	856,671

Page 5

VILLA MAMAS RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

Debtors

					2017
					£


	Prepayments and accrued income	73,513
		73,513

7.	Cash and cash equivalents
		2017
		£

	Cash at bank and in hand	144,285
		144,285

8.	Creditors: Amounts falling due within one year
		2017
		£

	Trade creditors	197,294
	Amounts owed to related party	1,013,112
	Other taxation and social security	35,786
	Other creditors	76,736
	Accruals and deferred income	116,946
		1,439,874

9.	Commitments under operating leases
	At 31 December 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:
		2017
		£

	Not later than 1 year	85,000
	Later than 1 year and not later than 5 years	340,000
	Later than 5 years	1,232,500
		1,657,500

Page 6

VILLA MAMAS RESTAURANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2017

10.	Related party transactions
	Creditors includes an interest free repayable on demand loan from Villa Mamas Bahrain of £1,013,112.

Page 7