Registration number:
Mad Dogs Restaurant Limited
for the Period from 1 December 2016 to 31 December 2017
77a Cheap Street
Sherborne
Dorset
DT9 3BA
Mad Dogs Restaurant Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Mad Dogs Restaurant Limited
Company Information
Directors |
M Harrison O Edis |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mad Dogs Restaurant Limited
for the Period Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mad Dogs Restaurant Limited for the period ended 31 December 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Mad Dogs Restaurant Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mad Dogs Restaurant Limited and state those matters that we have agreed to state to the Board of Directors of Mad Dogs Restaurant Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mad Dogs Restaurant Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Mad Dogs Restaurant Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mad Dogs Restaurant Limited. You consider that Mad Dogs Restaurant Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Mad Dogs Restaurant Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Sherborne
Dorset
DT9 3BA
Page 2 |
Mad Dogs Restaurant Limited
(Registration number: 10506935)
Balance Sheet as at 31 December 2017
Note |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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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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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
For the financial period ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
M Harrison
Director
Page 3 |
Mad Dogs Restaurant Limited
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Westbury
Sherborne
Dorset
DT9 3EH
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis. The company continues to meet its day to day capital requirements with the support of one of its directors, Mr. M. Harrison. At the balance sheet date the company is insolvent. During the first financial period the company was refurbishing restaurant premises which were opened to the public in March 2018. On the basis of discussions with Mr. Harrison and in view of his willingness to support the company through any cashflow difficulties, it is considered that the company will continue to operate. For these reasons the directors consider it appropriate to prepare the financial statements on a going concern basis. If the company were unable to continue in existence, adjustments would have to be made to reclassify fixed assets and to make provision for other costs which may be incurred.
Page 4 |
Mad Dogs Restaurant Limited
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives. No depreciation has been provided on shorthold lease property improvements or fixtures and fittings as during this financial period the company was in the process of negotiating the terms of the lease. Depreciation will be provided over the period of the lease and on 20% reducing balance from the formal commencement of the lease.
Asset class |
Depreciation method and rate |
Shorthold leasehold |
Not provided in this period |
Furniture, fittings and equipment |
Not provided in this period |
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Page 5 |
Mad Dogs Restaurant Limited
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.
All other financial instruments are classed as other financial instruments and treated accordingly.
Recognition and measurement
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2017 |
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Depreciation |
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Carrying amount |
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At 31 December 2017 |
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Included within the net book value of land and buildings above is £22,390 in respect of short leasehold land and buildings.
Stocks |
2017 |
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Other inventories |
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Page 6 |
Mad Dogs Restaurant Limited
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017 (continued)
Debtors |
2017 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
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Due within one year |
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Other creditors |
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Page 7 |