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COMPANY REGISTRATION NUMBER: 02048546
Burgundy Wine Bars Ltd
Filleted Unaudited Financial Statements
31 July 2018
Burgundy Wine Bars Ltd
Financial Statements
Period from 1 February 2017 to 31 July 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Burgundy Wine Bars Ltd
Statement of Financial Position
31 July 2018
31 Jul 18
31 Jan 17
Note
£
£
£
Fixed assets
Tangible assets
5
219,522
Current assets
Stocks
9,096
Debtors
6
13,988
15,910
Cash at bank and in hand
3,137
2,595
---------
---------
17,125
27,601
Creditors: amounts falling due within one year
7
49,429
149,372
---------
-----------
Net current liabilities
32,304
121,771
---------
-----------
Total assets less current liabilities
32,304
97,751
Provisions
11,832
---------
---------
Net liabilities/assets
32,304
85,919
---------
---------
Burgundy Wine Bars Ltd
Statement of Financial Position (continued)
31 July 2018
31 Jul 18
31 Jan 17
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
32,306
85,917
---------
---------
Shareholder deficit/funds
32,304
85,919
---------
---------
These 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 statement of comprehensive income has not been delivered.
For the Period ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the Period 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , and are signed on behalf of the board by:
Mr MA Pennington
Director
Company registration number: 02048546
Burgundy Wine Bars Ltd
Notes to the Financial Statements
Period from 1 February 2017 to 31 July 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 19 Lowther Street, Kendal, Cumbria, LA9 4DH.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
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.
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:
Plant and machinery
-
10% reducing balance
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the Period amounted to 10 (2017: 12 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 February 2017
160,363
156,875
317,238
Additions
925
925
Disposals
( 160,363)
( 157,800)
( 318,163)
-----------
-----------
-----------
At 31 July 2018
-----------
-----------
-----------
Depreciation
At 1 February 2017
97,716
97,716
Disposals
( 97,716)
( 97,716)
-----------
-----------
-----------
At 31 July 2018
-----------
-----------
-----------
Carrying amount
At 31 July 2018
-----------
-----------
-----------
At 31 January 2017
160,363
59,159
219,522
-----------
-----------
-----------
6. Debtors
31 Jul 18
31 Jan 17
£
£
Other debtors
13,988
15,910
---------
---------
7. Creditors: amounts falling due within one year
31 Jul 18
31 Jan 17
£
£
Bank loans and overdrafts
540
Trade creditors
33,467
26,805
Corporation tax
3,058
5,119
Social security and other taxes
23,124
Other creditors - Company Credit Card
3,750
Other creditors
12,904
90,034
---------
-----------
49,429
149,372
---------
-----------
8. Director's advances, credits and guarantees
Mr M A Pennington, the director, was owed by Burgundy Wine Bars Limited £8,719 (2017: £82,438) at the period end. The company transferred the leasehold property improvements as a loan repayment to Mr Pennington as the Wine Bar has ceased to trade with the trading assets being sold to an unrelated third party.
9. Related party transactions
Mr M A Pennington, the director owns and controls Kendal Brewing Co Ltd which owes Burgundy Wine Bars Ltd £3,938 (2017: £8,005) at the year end. Mr M A Pennington, the director owns and controls Kendal Mint Cake Co Ltd which owes Burgundy Wine Bars Ltd £4,444 (2017: £2,693) at the year end. No transactions with related parties were undertaken, other than those disclosed in the notes, such as are required to be disclosed under the FRS102A Section 1A.