Company registration number 10696892 (England and Wales)
CEASED TRADING 10696892 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CEASED TRADING 10696892 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CEASED TRADING 10696892 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
110,615
29,983
Current assets
Stocks
8,567
-
Debtors
5
4,143
11,142
Cash at bank and in hand
10,506
4,235
23,216
15,377
Creditors: amounts falling due within one year
6
(351,828)
(68,611)
Net current liabilities
(328,612)
(53,234)
Net liabilities
(217,997)
(23,251)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(217,998)
(23,252)
Total equity
(217,997)
(23,251)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 February 2024 and are signed on its behalf by:
M J Settle
Director
Company Registration No. 10696892
CEASED TRADING 10696892 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
CEASED TRADING 10696892 LIMITED (registered number; 10696892) is a private company limited by shares incorporated in England and Wales. The registered office is St Nicholas Chambers, Amen Corner, Newcastle upon Tyne, England, NE1 1PE.
1.1
Accounting convention
These financial statements 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” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors had made the decision to cease trading and put the restaurant up for sale. However, for now, with the directors support the company has adequate resources to continue in existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% Reducing Balance
Plant and equipment
20% Straight Line
Fixtures and fittings
20% Reducing Balance
Motor vehicles
33% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
CEASED TRADING 10696892 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
1
CEASED TRADING 10696892 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
12,695
18,684
31,379
Additions
3,552
99,348
102,900
Disposals
(5,029)
(5,029)
At 31 March 2023
16,247
113,003
129,250
Depreciation and impairment
At 1 April 2022
1,396
1,396
Depreciation charged in the year
1,950
15,706
17,656
Eliminated in respect of disposals
(417)
(417)
At 31 March 2023
1,950
16,685
18,635
Carrying amount
At 31 March 2023
14,297
96,318
110,615
At 31 March 2022
12,695
17,288
29,983
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,634
Other debtors
2,509
11,142
4,143
11,142
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,331
1,611
Amounts owed to group undertakings
256,330
67,000
Taxation and social security
25,746
Other creditors
65,421
351,828
68,611
CEASED TRADING 10696892 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
8
Related party transactions
At 31 March 2023 the company owed M J Settle (director) £15,356 (2022: £3,449 owed from M J Settle). The balance is interest free and repayable on demand.
At 31 March 2023 the company owed The Liquor Co. Ltd. £210,500 (2022: £67,000), the parent company. The balance is interest free and repayable on demand.
At 31 March 2023 the company owed The Liquor & Restaurant Group Limited £45,830 (2022: £nil) a company in which M J Settle is a director and shareholder. The balance is interest free and repayable on demand.