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COMPANY REGISTRATION NUMBER: 07695613
5 Bridge Street (Winchester) Limited
Filleted Unaudited Abridged Financial Statements
31 March 2018
5 Bridge Street (Winchester) Limited
Abridged Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
FIXED ASSETS
Tangible assets
4
143,701
148,620
CURRENT ASSETS
Stocks
15,240
19,250
Debtors
24,024
209,558
Cash at bank and in hand
87,208
54,684
---------
---------
126,472
283,492
CREDITORS: amounts falling due within one year
417,303
403,749
---------
---------
NET CURRENT LIABILITIES
290,831
120,257
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 147,130)
28,363
---------
--------
NET (LIABILITIES)/ASSETS
( 147,130)
28,363
---------
--------
CAPITAL AND RESERVES
Called up share capital
1
1
Revaluation reserve
35,000
35,000
Profit and loss account
( 182,131)
( 6,638)
---------
--------
SHAREHOLDERS (DEFICIT)/FUNDS
( 147,130)
28,363
---------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
5 Bridge Street (Winchester) Limited
Abridged Statement of Financial Position (continued)
31 March 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 13 November 2018 , and are signed on behalf of the board by:
M Boyle
Director
Company registration number: 07695613
5 Bridge Street (Winchester) Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit L Building 9 Swanwick Marina, Swanwick, Southampton, SO31 1ZL, Hampshire.
2. STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements and significant estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revaluation of assets - Properties are revalued based on open market value by the director.
Revenue recognition
Turnover represents the value, net of value added tax, of goods and services supplied to customers.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Straight line over life of lease
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Office Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. TANGIBLE ASSETS
£
Cost
At 1 April 2017
312,064
Additions
15,735
---------
At 31 March 2018
327,799
---------
Depreciation
At 1 April 2017
163,444
Charge for the year
20,654
---------
At 31 March 2018
184,098
---------
Carrying amount
At 31 March 2018
143,701
---------
At 31 March 2017
148,620
---------
5. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
44,100
44,100
--------
--------
6. CONTROLLING PARTY
The immediate parent company is Ideal Leisure Limited, a company registered in England and Wales. The ultimate controlling party is considered to be Mr M Boyle by virtue of his 100% shareholding in the issued share capital of the parent company.