Registered number
05340477
Welbeck News Bar LImited
Filleted Accounts
31 January 2023
Welbeck News Bar LImited
Registered number: 05340477
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,600 3,600
Tangible assets 4 1,739 2,262
5,339 5,862
Current assets
Stocks 13,500 11,000
Cash at bank and in hand 3,657 5,152
17,157 16,152
Creditors: amounts falling due within one year 5 (23,463) (17,943)
Net current liabilities (6,306) (1,791)
Net (liabilities)/assets (967) 4,071
Capital and reserves
Called up share capital 1 1
Profit and loss account (968) 4,070
Shareholders' funds (967) 4,071
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Wayne Jones
Director
Approved by the board on 7 October 2023
Welbeck News Bar LImited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 24,000
At 31 January 2023 24,000
Amortisation
At 1 February 2022 20,400
At 31 January 2023 20,400
Net book value
At 31 January 2023 3,600
At 31 January 2022 3,600
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 1,935 5,790 7,725
At 31 January 2023 1,935 5,790 7,725
Depreciation
At 1 February 2022 1,504 3,959 5,463
Charge for the year 65 458 523
At 31 January 2023 1,569 4,417 5,986
Net book value
At 31 January 2023 366 1,373 1,739
At 31 January 2022 431 1,831 2,262
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 382 1,104
Directors Loan Account 22,431 16,230
Other creditors 650 609
23,463 17,943
6 Other information
Welbeck News Bar LImited is a private company limited by shares and incorporated in England. Its registered office is:
40 Broomhill Road
Hucknall
Nottingham
NG15 6AD
Welbeck News Bar LImited 05340477 false 2022-02-01 2023-01-31 2023-01-31 VT Final Accounts April 2022 Wayne Jones No description of principal activity 05340477 2021-02-01 2022-01-31 05340477 core:WithinOneYear 2022-01-31 05340477 core:ShareCapital 2022-01-31 05340477 core:RetainedEarningsAccumulatedLosses 2022-01-31 05340477 2022-02-01 2023-01-31 05340477 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05340477 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 05340477 bus:Director40 2022-02-01 2023-01-31 05340477 2 2022-02-01 2023-01-31 05340477 core:PlantMachinery 2022-02-01 2023-01-31 05340477 core:Vehicles 2022-02-01 2023-01-31 05340477 countries:England 2022-02-01 2023-01-31 05340477 bus:FRS102 2022-02-01 2023-01-31 05340477 bus:FullAccounts 2022-02-01 2023-01-31 05340477 2023-01-31 05340477 core:WithinOneYear 2023-01-31 05340477 core:ShareCapital 2023-01-31 05340477 core:RetainedEarningsAccumulatedLosses 2023-01-31 05340477 core:Goodwill 2023-01-31 05340477 core:PlantMachinery 2023-01-31 05340477 core:Vehicles 2023-01-31 05340477 2022-01-31 05340477 core:Goodwill 2022-01-31 05340477 core:PlantMachinery 2022-01-31 05340477 core:Vehicles 2022-01-31 iso4217:GBP xbrli:pure