Registered number
05340477
Welbeck News Bar LImited
Filleted Accounts
31 July 2023
Welbeck News Bar LImited
Registered number: 05340477
Balance Sheet
as at 31 July 2023
Notes 31/7/23 31/1/23
£ £
Fixed assets
Intangible assets 3 3,600 3,600
Tangible assets 4 1,341 1,739
4,941 5,339
Current assets
Stocks - 13,500
Cash at bank and in hand 28,714 3,657
28,714 17,157
Creditors: amounts falling due within one year 5 (31,213) (23,463)
Net current liabilities (2,499) (6,306)
Net assets/(liabilities) 2,442 (967)
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,441 (968)
Shareholders' funds 2,442 (967)
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 14 October 2023
Welbeck News Bar LImited
Notes to the Accounts
for the period from 1 February 2023 to 31 July 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 31/7/23 31/1/23
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 24,000
At 31 July 2023 24,000
Amortisation
At 1 February 2023 20,400
At 31 July 2023 20,400
Net book value
At 31 July 2023 3,600
At 31 January 2023 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 2023 1,935 5,790 7,725
At 31 July 2023 1,935 5,790 7,725
Depreciation
At 1 February 2023 1,569 4,417 5,986
Charge for the period 55 343 398
At 31 July 2023 1,624 4,760 6,384
Net book value
At 31 July 2023 311 1,030 1,341
At 31 January 2023 366 1,373 1,739
5 Creditors: amounts falling due within one year 31/7/23 31/1/23
£ £
Taxation and social security costs 146 382
Directors Loan Account 31,067 22,431
Other creditors - 650
31,213 23,463
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
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