Registered number: 13457731
MAVEN PREMIUM SPORTS BARS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 FEBRUARY 2023
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MAVEN PREMIUM SPORTS BARS LIMITED
REGISTERED NUMBER: 13457731
STATEMENT OF FINANCIAL POSITION
AS AT 26 FEBRUARY 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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MAVEN PREMIUM SPORTS BARS LIMITED
REGISTERED NUMBER: 13457731
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 26 FEBRUARY 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 9 form part of these financial statements.
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MAVEN PREMIUM SPORTS BARS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 FEBRUARY 2023
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Comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Comprehensive income for the period
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The notes on pages 4 to 9 form part of these financial statements.
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MAVEN PREMIUM SPORTS BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 FEBRUARY 2023
Maven Premium Sports Bars Limited is a private limited company incorporated in England and Wales, registered number 13457731. The registered office is 10 Queen Street Place, London, EC4R 1AG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have prepared detailed forecasts and cash flow analysis models for a period of 12
months from the date of approval of the financial statements which indicate that the Company will
have sufficient funds to meet its liabilities as they fall due for that period.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the turnover can be reliably measured. Turnover is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other taxes.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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MAVEN PREMIUM SPORTS BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 FEBRUARY 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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over the life of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct purchase
costs that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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MAVEN PREMIUM SPORTS BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 FEBRUARY 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, including directors, during the period was 0 (2022 - 0).
The payroll of Maven Premium Sports Bars Limited is run through Maven Leisure Limited, a company within the same group as Maven Premium Sports Bars Limited.
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MAVEN PREMIUM SPORTS BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 FEBRUARY 2023
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Charge for the period on owned assets
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MAVEN PREMIUM SPORTS BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 FEBRUARY 2023
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Long-term leasehold property
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Charge for the period on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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MAVEN PREMIUM SPORTS BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 FEBRUARY 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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Related party transactions
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Amounts owed to group undertakings is £1,377,254 (2022: £1,099,387) owed to Maven Leisure Limited, the parent company of Maven Premium Sports Bars Limited.
Amounts owed by group undertakings is £245,451 (2022: £137,298) owed from Maven Premium Bars & Restaurants Limited, a fellow subsidiary in the same group.
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The company is 100% owed by Maven Leisure Limited.
There is no one ultimate controlling party.
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