REGISTERED NUMBER:
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BUCHANAN (1983) LIMITED |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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REGISTERED NUMBER:
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BUCHANAN (1983) LIMITED |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Abridged Balance Sheet | 3 | to | 4 |
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Notes to the Financial Statements | 5 | to | 9 |
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BUCHANAN (1983) LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Heritage House |
Murton Way |
Osbaldwick |
York |
North Yorkshire |
YO19 5UW |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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The directors present their report with the financial statements of the company for the period 1 July 2019 to 31 July 2020. |
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REVIEW OF BUSINESS |
These accounts represent a challenging year. Up to the end of January trading was much stronger after a change in management. The business was impaired by CV19 throughout February and closed completely for the rest of the accounting period. Food purchases were made to support an initiative to supply free over 2000 meals to local hospitals throughout the lock-down period and this accounts for the drop in GOP for Food & Beverage. A major refit of the internal common areas took place in June and July which gives the property a much larger trading area. The business reopened on 30th July and that is why the Directors have chosen to extend the accounting period by one month. Post reopening the business had its busiest quarter ever. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2019 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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ABRIDGED BALANCE SHEET |
31 JULY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 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 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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ABRIDGED BALANCE SHEET - continued |
31 JULY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 8 |
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Retained earnings | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account 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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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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1. | STATUTORY INFORMATION |
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Buchanan (1983) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company depends on its bank facilities to meet its day to day working capital requirements. The company has agreed financial arrangements to enable it to continue to meet its day to day operating requirements. The facilities are being reviewed on an ongoing basis. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
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Turnover |
Turnover represents income from hotel accommodation, food and drink sales and from the delicatessen, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Soft furnishings | - |
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Furniture and equipment | - |
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Motor vehicles | - |
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Office equipment | - |
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No depreciation is charged on freehold property on the grounds that it would be immaterial because the estimated residual value is not materially different from the carrying amount of the asset. |
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Tangible fixed assets are initially measured at cost, including transaction costs. |
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Subsequently freehold property is measured at fair value. Freehold property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of freehold property are included in the Revaluation Reserve in the period in which they arise. |
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Government grants |
Grants that are receivable for the purpose of giving immediate financial support to the entity are recognised in the period in which they become receivable. |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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 period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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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 period 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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST OR VALUATION |
At 1 July 2019 |
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Additions |
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Revaluations |
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At 31 July 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for period |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 30 June 2019 |
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Fair value of the freehold property has been assessed by the directors at 31 July 2020. |
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Cost or valuation at 31 July 2020 is represented by: |
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Totals |
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Valuation in 2000 | 218,248 |
Valuation in 2002 | 212,339 |
Valuation in 2004 | 148,467 |
Valuation in 2005 | 494,733 |
Valuation in 2007 | 511,617 |
Valuation in 2015 | (653,935 | ) |
Valuation in 2020 | 114,810 |
Cost | 1,741,710 |
2,787,989 |
BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
Additions | 31,300 |
At 31 July 2020 | 31,300 |
NET BOOK VALUE |
At 31 July 2020 | 31,300 |
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6. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Bank finance is secured by a fixed and floating charge over the assets of the company. |
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8. | RESERVES |
Revaluatio |
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£ |
At 1 July 2019 |
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Revaluation of property | 114,810 |
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At 31 July 2020 |
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BUCHANAN (1983) LIMITED (REGISTERED NUMBER: 00721349) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2019 TO 31 JULY 2020 |
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9. | OTHER FINANCIAL COMMITMENTS |
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The company has operating lease commitments of £24,530 (2019: £51,352) of which £15,780 (2019: £21,626) falls due within one year. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the period ended 31 July 2020 and the year ended 30 June 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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The above balances are interest free and repayable on demand. |