Company registration number 01298271 (England and Wales)
B & N Regal (Abingdon) Limited
Unaudited
Financial Statements
for the year ended 30 June 2022
PAGES FOR FILING WITH REGISTRAR
B & N Regal (Abingdon) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
B & N Regal (Abingdon) Limited
Balance Sheet
as at 30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
324,879
348,081
Investments
5
100
100
324,979
348,181
Current assets
Stocks
5,915
4,236
Investments
7
609,900
609,900
Cash at bank and in hand
477,440
200,612
1,093,255
814,748
Creditors: amounts falling due within one year
8
(162,278)
(86,864)
Net current assets
930,977
727,884
Total assets less current liabilities
1,255,956
1,076,065
Creditors: amounts falling due after more than one year
9
(31,399)
(50,000)
Net assets
1,224,557
1,026,065
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
1,224,407
1,025,915
Total equity
1,224,557
1,026,065
B & N Regal (Abingdon) Limited
Balance Sheet (continued)
as at 30 June 2022
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 March 2023 and are signed on its behalf by:
Mr L J Carpenter
Director
Company Registration No. 01298271
B & N Regal (Abingdon) Limited
Notes to the financial statements
for the year ended 30 June 2022
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
pound sterling (£)
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates
.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2022
1
Accounting policies
(continued)
- 4 -
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
32
36
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2022
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
25,000
Amortisation and impairment
At 1 July 2021 and 30 June 2022
25,000
Carrying amount
At 30 June 2022
At 30 June 2021
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2021
422,325
508,874
3,500
934,699
Additions
3,989
3,989
Disposals
(3,500)
(3,500)
At 30 June 2022
422,325
508,874
3,989
935,188
Depreciation and impairment
At 1 July 2021
187,500
397,587
1,531
586,618
Depreciation charged in the year
8,446
16,693
534
25,673
Eliminated in respect of disposals
(1,982)
(1,982)
At 30 June 2022
195,946
414,280
83
610,309
Carrying amount
At 30 June 2022
226,379
94,594
3,906
324,879
At 30 June 2021
234,825
111,287
1,969
348,081
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2022
- 6 -
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings
100
100
The investment in the subsidiary is stated at cost less impairment.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2021 & 30 June 2022
100
Carrying amount
At 30 June 2022
100
At 30 June 2021
100
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2022 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Threelevels Limited
1
Rental company
Ordinary £1
100.00
0
Registered Office addresses:
1
Crabtree, Downs close, Harwell, Oxfordshire, OX11 0LP
7
Current asset investments
2022
2021
£
£
Loans to subsidiaries
609,900
609,900
Loans made to the subsidiary company are interest free and repayable on demand.
B & N Regal (Abingdon) Limited
Notes to the financial statements (continued)
for the year ended 30 June 2022
- 7 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,648
Taxation and social security
81,172
12,710
Other creditors
70,458
74,154
162,278
86,864
The bank debenture is secured by a fixed and floating charge held over the assets of the company.
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
31,399
50,000
10
Company information
B & N Regal (Abingdon) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Crabtree, Downs Close, Harwell, Oxfordshire, OX11 0LP.