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Registration number: 12872440

Urban Fox Bars Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Period from 10 September 2020 to 30 September 2021

 

Urban Fox Bars Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

Urban Fox Bars Ltd

(Registration number: 12872440)
Abridged Balance Sheet as at 30 September 2021

Note

2021
£

Fixed assets

 

Tangible assets

3

14,079

Current assets

 

Stocks

4

4,280

Debtors

5

250

Cash at bank and in hand

 

7,745

 

12,275

Prepayments and accrued income

 

6,087

Creditors: Amounts falling due within one year

(136,348)

Net current liabilities

 

(117,986)

Total assets less current liabilities

 

(103,907)

Accruals and deferred income

 

(1,229)

Net liabilities

 

(105,136)

Capital and reserves

 

Called up share capital

6

2

Retained earnings

(105,138)

Shareholders' deficit

 

(105,136)

For the financial period ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 8 August 2022 and signed on its behalf by:
 

 

Urban Fox Bars Ltd

(Registration number: 12872440)
Abridged Balance Sheet as at 30 September 2021

.........................................
Mr Thomas James Danson
Director

 

Urban Fox Bars Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 10 September 2020 to 30 September 2021

1

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Urban Fox Bars Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 10 September 2020 to 30 September 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 16.

 

Urban Fox Bars Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 10 September 2020 to 30 September 2021

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

18,772

18,772

At 30 September 2021

18,772

18,772

Depreciation

Charge for the period

4,693

4,693

At 30 September 2021

4,693

4,693

Carrying amount

At 30 September 2021

14,079

14,079

4

Stocks

2021
£

Other inventories

4,280

5

Debtors

Debtors includes £Nil due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2021

 

No.

£

Ordinary Shares of £1 each

2

2

     

7

Related party transactions

 

Urban Fox Bars Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 10 September 2020 to 30 September 2021

Transactions with directors

2021

At 10 September 2020
£

Other payments made to company by director
£

At 30 September 2021
£

Mr Tristan Mathius Evans

Directors loan

-

(14,719)

(14,719)

       
     

Mr Thomas James Danson

Directors loan

-

(82,143)

(82,143)

       
     

 

 

Urban Fox Bars Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 10 September 2020 to 30 September 2021

8

Transition to FRS 102

Balance Sheet at
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

Urban Fox Bars Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 10 September 2020 to 30 September 2021

Balance Sheet at
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-