Company Registration No. 07234143 (England and Wales)
ROJANO'S (PADSTOW) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
ROJANO'S (PADSTOW) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ROJANO'S (PADSTOW) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company continued to be that of an operating licensed restaurant.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Mapp
(Resigned 13 December 2019)
K Mapp
(Resigned 13 December 2019)
P Ainsworth
E Mapp
(Appointed 13 December 2019)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
D Mapp
Secretary
21 September 2020
ROJANO'S (PADSTOW) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,377,370
1,285,852
Investment properties
5
400,000
400,000
1,777,370
1,685,852
Current assets
Stocks
16,109
14,403
Debtors
6
22,310
12,307
Cash at bank and in hand
77,181
192,916
115,600
219,626
Creditors: amounts falling due within one year
7
(1,053,916)
(418,131)
Net current liabilities
(938,316)
(198,505)
Total assets less current liabilities
839,054
1,487,347
Creditors: amounts falling due after more than one year
8
-
(801,302)
Provisions for liabilities
(15,021)
(15,021)
Net assets
824,033
671,024
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
823,933
670,924
Total equity
824,033
671,024
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 31 March 2020 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.
ROJANO'S (PADSTOW) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 September 2020 and are signed on its behalf by:
P Ainsworth
Director
Company Registration No. 07234143
ROJANO'S (PADSTOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
Rojano's (Padstow) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sudbrook Hall, Nesfield, Barlow, Derbyshire, S18 7TB.
1.1
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
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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
.
Turnover is recognised at the time at which goods are sold to the customer in the restaurant.
1.3
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. The goodwill has been amortised in full.
1.4
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 cost
Computers
25% on cost
Motor vehicles
20% on reducing basis
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
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
ROJANO'S (PADSTOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Classification of financial liabilities
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ROJANO'S (PADSTOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
36
32
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
100,000
Amortisation and impairment
At 1 April 2019 and 31 March 2020
100,000
Carrying amount
At 31 March 2020
-
At 31 March 2019
-
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2019
1,508,774
153,635
45,486
-
1,707,895
Additions
42,775
98,377
3,639
11,780
156,571
Disposals
-
(54,784)
(41,391)
-
(96,175)
At 31 March 2020
1,551,549
197,228
7,734
11,780
1,768,291
Depreciation and impairment
At 1 April 2019
256,457
121,606
43,980
-
422,043
Depreciation charged in the year
31,032
21,466
1,916
2,945
57,359
Eliminated in respect of disposals
-
(47,090)
(41,391)
-
(88,481)
At 31 March 2020
287,489
95,982
4,505
2,945
390,921
Carrying amount
At 31 March 2020
1,264,060
101,246
3,229
8,835
1,377,370
At 31 March 2019
1,252,317
32,029
1,506
-
1,285,852
ROJANO'S (PADSTOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
5
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
400,000
The valuation of the property has been assessed by the directors who consider that this is the best estimate of fair value.
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
219
6,770
Other debtors
17,944
66
Prepayments and accrued income
4,147
5,471
22,310
12,307
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
-
79,373
Trade creditors
129,949
46,146
Corporation tax
19,823
53,726
Other taxation and social security
17,578
39,894
Other creditors
886,566
198,992
1,053,916
418,131
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
-
801,302
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
-
451,970
ROJANO'S (PADSTOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
51 Ordinary A of £1 each
51
51
49 Ordinary B of £1 each
49
49
100
100
10
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.
2020-03-31
2019-04-01
false
21 September 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
D Mapp
K Mapp
P Ainsworth
E Mapp
D Mapp
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