Silverfin false false 31/08/2023 21/03/2022 31/08/2023 M W Harris 06/04/2022 21/03/2022 S J Kerley 06/04/2022 21/03/2022 B J Manzi 21/03/2022 03 November 2023 The principal activity of the company during the period was the running of a pub.

The company was incorporated on 21 March 2022 and began trading on 09 October 2022.
13992645 2023-08-31 13992645 bus:Director1 2023-08-31 13992645 bus:Director2 2023-08-31 13992645 bus:Director3 2023-08-31 13992645 core:CurrentFinancialInstruments 2023-08-31 13992645 core:Non-currentFinancialInstruments 2023-08-31 13992645 core:ShareCapital 2023-08-31 13992645 core:RetainedEarningsAccumulatedLosses 2023-08-31 13992645 core:LeaseholdImprovements 2022-03-20 13992645 core:PlantMachinery 2022-03-20 13992645 core:FurnitureFittings 2022-03-20 13992645 2022-03-20 13992645 core:LeaseholdImprovements 2023-08-31 13992645 core:PlantMachinery 2023-08-31 13992645 core:FurnitureFittings 2023-08-31 13992645 bus:OrdinaryShareClass1 2023-08-31 13992645 core:WithinOneYear 2023-08-31 13992645 core:BetweenOneFiveYears 2023-08-31 13992645 2022-03-21 2023-08-31 13992645 bus:FilletedAccounts 2022-03-21 2023-08-31 13992645 bus:SmallEntities 2022-03-21 2023-08-31 13992645 bus:AuditExemptWithAccountantsReport 2022-03-21 2023-08-31 13992645 bus:PrivateLimitedCompanyLtd 2022-03-21 2023-08-31 13992645 bus:Director1 2022-03-21 2023-08-31 13992645 bus:Director2 2022-03-21 2023-08-31 13992645 bus:Director3 2022-03-21 2023-08-31 13992645 core:PlantMachinery core:TopRangeValue 2022-03-21 2023-08-31 13992645 core:FurnitureFittings core:TopRangeValue 2022-03-21 2023-08-31 13992645 core:LeaseholdImprovements 2022-03-21 2023-08-31 13992645 core:PlantMachinery 2022-03-21 2023-08-31 13992645 core:FurnitureFittings 2022-03-21 2023-08-31 13992645 core:CurrentFinancialInstruments 2022-03-21 2023-08-31 13992645 core:Non-currentFinancialInstruments 2022-03-21 2023-08-31 13992645 bus:OrdinaryShareClass1 2022-03-21 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13992645 (England and Wales)

MK HOSPITALITY LTD

Unaudited Financial Statements
For the financial period from 21 March 2022 to 31 August 2023
Pages for filing with the registrar

MK HOSPITALITY LTD

Unaudited Financial Statements

For the financial period from 21 March 2022 to 31 August 2023

Contents

MK HOSPITALITY LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
MK HOSPITALITY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 31.08.2023
£
Fixed assets
Tangible assets 3 149,147
149,147
Current assets
Stocks 11,791
Debtors 4 5,358
Cash at bank and in hand 7,200
24,349
Creditors: amounts falling due within one year 5 ( 158,648)
Net current liabilities (134,299)
Total assets less current liabilities 14,848
Creditors: amounts falling due after more than one year 6 ( 18,500)
Net liabilities ( 3,652)
Capital and reserves
Called-up share capital 7 100
Profit and loss account ( 3,752 )
Total shareholders' deficit ( 3,652)

For the financial period ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of MK Hospitality Ltd (registered number: 13992645) were approved and authorised for issue by the Director on 03 November 2023. They were signed on its behalf by:

B J Manzi
Director
MK HOSPITALITY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 21 March 2022 to 31 August 2023
MK HOSPITALITY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 21 March 2022 to 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

MK Hospitality Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The George Hotel, Church Street, Wedmore, BS28 4AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £3,652. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 3 years straight line
Fixtures and fittings 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
21.03.2022 to
31.08.2023
Number
Monthly average number of persons employed by the Company during the period, including the director 17

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 21 March 2022 0 0 0 0
Additions 120,862 31,403 20,475 172,740
At 31 August 2023 120,862 31,403 20,475 172,740
Accumulated depreciation
At 21 March 2022 0 0 0 0
Charge for the financial period 7,749 9,670 6,174 23,593
At 31 August 2023 7,749 9,670 6,174 23,593
Net book value
At 31 August 2023 113,113 21,733 14,301 149,147

4. Debtors

31.08.2023
£
Prepayments 1,492
Other debtors 3,866
5,358

5. Creditors: amounts falling due within one year

31.08.2023
£
Trade creditors 31,138
Amounts owed to director 84,766
Other loans 6,000
Accruals and deferred income 6,005
Other taxation and social security 25,422
Other creditors 5,317
158,648

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

31.08.2023
£
Other loans 18,500

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

31.08.2023
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

On incorporation, on 21 March 2022, 100 Ordinary shares were issued at par value.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.08.2023
£
within one year 48,600
between one and five years 149,850
198,450

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.08.2023
£
Unpaid contributions due to the fund (inc. in other creditors) 826

9. Related party transactions

Transactions with the entity's director

31.08.2023
£
Amounts owed to director 84,766

During the year a director maintained a loan account with the company. There are no fixed repayment terms and no interest has been charged.