Registered number
08444558
7Bone Portswood Ltd
Filleted Accounts
30 September 2022
7Bone Portswood Ltd
Registered number: 08444558
Balance Sheet
as at 30 September 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 - 368
Tangible assets 4 - 78,068
- 78,436
Current assets
Stocks - 5,859
Debtors 5 - 710,635
Cash at bank and in hand - 54,626
- 771,120
Creditors: amounts falling due within one year 6 (771,945) (75,700)
Net current (liabilities)/assets (771,945) 695,420
Total assets less current liabilities (771,945) 773,856
Provisions for liabilities - (13,624)
Net (liabilities)/assets (771,945) 760,232
Capital and reserves
Called up share capital 100 100
Share premium 40,000 40,000
Profit and loss account (812,045) 720,132
Shareholders' funds (771,945) 760,232
The director is 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 director acknowledges his 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.
M D Mollicone
Director
Approved by the board on 28 September 2023
7Bone Portswood Ltd
Notes to the Accounts
for the year ended 30 September 2022
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 20% reducing balance basis
Kitchen equipment 10% reducing balance basis
Computer equipment 33.3% straight line basis
Restaurant furniture 20% reducing balance basis
Office equipment 20% reducing balance basis
Leasehold premises improvements Over the life of the lease
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 18 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2021 2,760
Disposals (2,760)
At 30 September 2022 -
Amortisation
At 1 October 2021 2,392
On disposals (2,392)
At 30 September 2022 -
Net book value
At 30 September 2022 -
At 30 September 2021 368
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2021 65,372 187,937 253,309
Disposals (65,372) (187,937) (253,309)
At 30 September 2022 - - -
Depreciation
At 1 October 2021 62,889 112,352 175,241
On disposals (62,889) (112,352) (175,241)
At 30 September 2022 - - -
Net book value
At 30 September 2022 - - -
At 30 September 2021 2,483 75,585 78,068
5 Debtors 2022 2021
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 700,791
Other debtors - 9,844
- 710,635
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 16,933 -
Trade creditors - 35,198
Taxation and social security costs 755,011 17,280
Other creditors 1 23,222
771,945 75,700
7 Other information
7Bone Portswood Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Crosshouse Centre
Crosshouse Road
Southampton
Hampshire
SO14 5GZ
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