Company Registration No. 08575620 (England and Wales)
OLD SCHOOL BAR &
KITCHEN LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
OLD SCHOOL BAR & KITCHEN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OLD SCHOOL BAR & KITCHEN LIMITED
Company Registration No. 08575620
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
210
929
Tangible assets
4
12,697
24,306
Current assets
Stocks
6,471
7,710
Debtors
5
18,389
10,542
Cash at bank and in hand
1,498
5,791
26,358
24,043
Creditors: amounts falling due within one year
6
(90,895)
(407,458)
Net current liabilities
(64,537)
(383,415)
Total assets less current liabilities
(51,630)
(358,180)
Creditors: amounts falling due after more than one year
7
-
(630)
Net liabilities
(51,630)
(358,810)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(51,631)
(358,811)
Total equity
(51,630)
(358,810)
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 December 2017 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 member has 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.
OLD SCHOOL BAR & KITCHEN LIMITED
Company Registration No. 08575620
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2018 and are signed on its behalf by:
M Derry
Director
OLD SCHOOL BAR & KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Old School Bar & Kitchen Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.
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, 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.
These financial statements for the year ended 31 December 2017
are the
first
financial statements of Old School Bar & Kitchen Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
At the balance sheet date the company has net liabilities of £51,630. The accounts have been prepared on the basis that the directors are able to put in place a financial plan that allows the company to continue trading for the next twelve months from date of approval of these accounts, and return to profit
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
public houses and bar
goods 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.
Income is recognised in the period in which the services and goods were supplied.
1.4
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, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
OLD SCHOOL BAR & KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
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:
Property improvements
20% Straight line
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
20% Straight line
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
.
1.6
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 replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2016 - 16
).
OLD SCHOOL BAR & KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2017 and 31 December 2017
3,595
Amortisation and impairment
At 1 January 2017
2,666
Amortisation charged for the year
719
At 31 December 2017
3,385
Carrying amount
At 31 December 2017
210
At 31 December 2016
929
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
15,054
41,945
56,999
Additions
-
119
119
At 31 December 2017
15,054
42,064
57,118
Depreciation and impairment
At 1 January 2017
9,422
23,268
32,690
Depreciation charged in the year
3,011
8,720
11,731
At 31 December 2017
12,433
31,988
44,421
Carrying amount
At 31 December 2017
2,621
10,076
12,697
At 31 December 2016
5,632
18,674
24,306
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
18,389
10,542
OLD SCHOOL BAR & KITCHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3,619
4,825
Trade creditors
46,957
75,805
Taxation and social security
18,672
17,603
Other creditors
21,647
309,225
90,895
407,458
Included within creditors falling due within one year are secured bank loans of £
3,619
(2016 - £4,825). These are secured on the asset to which they relate.
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
-
630
Included within creditors falling due in more than one year are secured bank loans of £Nil (2016 - £630). These are secured on the asset to which they relate.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of 1p each
1
1
1
1
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
100,333
128,333